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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).

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