X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-In its fourth property disposition this year, locally based Cousins Properties Inc. has sold the 176,000-sf Perimeter Expo retail center in suburban Atlanta to a fund managed by New York-based J.P. Morgan Chase & Co. for $45 million, or $255.68 per sf, one of the highest per-sf prices recorded this year in the metro area.

Developed by Cousins in 1993, the two-story power center is home to retailers such as Best Buy, Linens ‘N Things, Office Max, Marshalls and Old Navy.

“Developing a two-story power center with anchors on the second level was an aggressive move and challenging back in 1993, but Perimeter Expo’s performance over the last decade, and the strong interest from prospective buyers when we took this property market, has validated our strategy,” says Joel Murphy, president of Cousins’ retail division.

Other properties Cousins sold this year were Mira Mesa MarketCenter, a 480,000-sf power center near San Diego ($87 million); Cerritos Corporate Center, a two-building, 327,000-sf office project in Cerritos, CA ($79.2 million); and Presidential MarketCenter, a 374,000-sf power center in suburban Atlanta ($47.2 million).

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.