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ATLANTA-ING Clarion has sold Perimeter Square, a 186,058-sf retail center, to Rreef for an undisclosed price. Hayes Swann and Matt Tritschler, managing directors in DTZ Rockwood’s Atlanta office, brokered the transaction on behalf of the seller. A spokesperson for Rreef said the company does not comment further on acquisitions.

“Perimeter Square’s prime location at the heart of the vibrant Central Perimeter submarket, combined with its being 100% leased with staggered rollover exposure, succeeded in generating a good deal of interest from investors who wanted to minimize their risk in these uncertain economic times through an investment that offers secure cash flow and future upside potential,” said Tritschler in a prepared statement. ING Clarion decided to put the asset up for sale “for portfolio reasons,” Swann tells GlobeSt.com.

The class A power center is 100% leased with rental rates from $14 to $27 per sf. Tenants include Bed Bath & Beyond, T.J. Maxx, Havertys and PetSmart. The center’s newest store, Total Wine & More, is only the second of its kind in the Atlanta region. The 21,000-sf space is expected to open in November.

Perimeter Square is located in Atlanta’s Central Perimeter community, which contains more than 22 million sf of office space and is surrounded by some of the most affluent neighborhoods in Atlanta, says Tritschler. The property was built in 1994 and is located north of the I-285 and GA 400 intersection, within half a mile of the 1.6 million-sf Perimeter Mall.

According to a Marcus & Millichap, the center falls into the Sandy Springs/North Fulton submarket, which enjoys the second highest effective rents in the Atlanta region at $18.43. The submarket reports a vacancy rate of 10.3%, a number that is higher than any other rate in Atlanta for the second quarter because of an abundance of new inventory, according to the brokerage.

Rreef Real Estate has more than $76.1 billion in assets under management worldwide and is part of Rreef Alternative Investments, the global alternative investment management business of Deutsche Bank’s asset management division.

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