Perimeter Pointe, an expansive, well-located shopping center, has been listed for sale. Situated at the intersection of Mount Vernon Highway, Perimeter Center West and Abernathy Road in Sandy Springs, the center benefits not only from its central location, but also by its proximity to the Sandy Springs MARTA station which is directly adjacent.
The nearly 31 acre center is currently anchored by Dick’s Sporting Goods, LA Fitness, ROAM, HomeGoods, Office Depot, Five Below and a ten screen Regal Cinemas. Perimeter Pointe is also home to freestanding outparcel locations of Chick-fil-A and Wendy's in addition to a pair of vacant former casual dining restaurant buildings that are without drive-thrus, as well as an inline former Atlanta Bread adjacent to the Regal Cinemas. ToNeTo Atlantareported in May that a resurrected version of The Righteous Room plans to reopen in Perimeter Pointe. There is speculation that a new HomeGoods planned for Hammond Exchange in Sandy Springs could replace rather than be in addition to the HomeGoods in Perimeter Pointe.
The sales listing notes that the center "offers ±8.6 acres of land entitled for a repositioning and the addition of significant future density." The entitled land is understood to be the portion of the center home to the majority of the big box vacancies.
ToNeTo Atlanta reported in late 2019 that popular regional grocer Wegmans had an LOI (Letter of Intent) on an 80,000 square foot space in the center. The grocer was quick to deny their intentions with little movement thereafter. In the time since, and in the wake of the COVID-19 pandemic, Wegmans, which is based in Rochester, New York, has continued its push south with four locations now open in North Carolina, but it called off a previously planned store at Fenton, a new mixed-use development in Cary, North Carolina. Additionally, Wegmans in July closed its two level 130,000+ square foot store at Natick Mall outside Boston after only five years in business.
According to the SITE Centers website, the Perimeter Pointe Trade Area (10 minute drive time) includes a population of 170,000 with 77,000 households and an average household income (HHI) of $116,000.
Despite the vacancies, the center is located in a market with high barriers to entry, leading CBRE to say:
"The opportunity to acquire real estate of this magnitude with the future upside potential rarely presents itself."
The Perimeter market in 2022 welcomed a new Publix- anchored center in Perimeter Marketplace and more recently saw the addition of several new dining and entertainment options at Ashford Lane, a center originally known as Perimeter Place. (A new "food hall" opened at Ashford Lane in May but lasted only 39 days in business.) High Street, a $2 billion development along Perimeter Center Parkway, is slated to deliver its first phase in 2024 and with it bring new locations of Puttshack and Velvet Taco, among others. Perimeter Mall too, has welcomed several new retailers and new restaurants including PF Chang's and Buffalo Wild Wings, and soon Atlanta's first Mango, to name a few.
SITE Centers, previously known as DDR, has in recent years adopted a strategy that has involved the sale of several legacy power centers while at the same time acquiring smaller, neighborhood strip centers. In metro Atlanta, this effort has led to the late 2018 disposition of Douglasville Pavilion in Douglasville, Barrett Pavilion in early 2020 and the 2021 sale of Cofer Crossing in Tucker, among other transactions.
The company acquired Hammond Springs at the corner of Hammond Drive and Roswell Road in Sandy Springs in late 2021 for $31M and Parkwood Shops along Powers Ferry Road in Atlanta for $8.4M last July. This past May, SITE Centers acquired Alpha Soda Center on Haynes Bridge Road near Old Milton Parkway in Alpharetta for $9.4M.
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