Struggling retail center near Perimeter Mall poised for mixed-use makeover
A power retail center near Perimeter Mall that has seen the departures of several key tenants is poised for an overhaul into a walkable, mixed-use destination.
Perimeter Pointe, which spans about 30 acres at Mount Vernon Highway and Abernathy Road in Sandy Springs, has been acquired by the Atlanta-based Ardent Companies. The property currently houses retailers such as Dick’s Sporting Goods and LA Fitness, as well as a multiplex theater. But the center also has several large vacancies.
The new owner plans to refresh the existing retail, lease up vacant space and add multifamily housing, according to a news release. Ardent said it also wants to improve connectivity across the property, which has an on-site connection to the Sandy Springs MARTA station and sits close to Georgia 400.
The seller was publicly traded real estate investment trust SITE Centers Corp. In a press release from December, SITE said it sold the property for about $48 million.
Perimeter Pointe has been eyed as a target for redevelopment in the past. Ardent’s plans are in tune with a longstanding vision of Sandy Springs planners to revitalize underused space into vibrant districts with housing, retail, dining and pedestrian-friendly infrastructure. In fact, a number of Atlanta’s suburbs are shunning the drivable strip malls of yesteryear in favor of live-work-play districts such as Alpharetta’s Avalon.
Suburban revitalization is a familiar pattern in Ardent’s portfolio. The company spent about five years refreshing Roswell’s East Village, a once underperforming shopping center along Holcomb Bridge Road anchored by Target, with new retail and residential uses. The property now has more than 300 apartments and 74 townhomes. The company sold off its final retail parcel this year, marking the completion of its investment in the property.
Not far from Perimeter Pointe sits another project undergoing a similar transformation. Underway on an 8-acre piece of land next to Sandy Springs’ new City Hall are hundreds of apartments, more than a dozen townhomes and new retail space.
In the news release, Ardent partner Scott Werbel called Perimeter Pointe a “fantastic piece of Atlanta real estate that has been underutilized for some time.” He said Ardent has already received interest from retailers and multifamily developers.
“We see significant opportunity to refresh the tenant mix and add multifamily housing to the area, creating complementary uses that drive stronger utilization and long-term value,” Werbel said in the statement.
About the Author
Savannah Sicurella is an entertainment business reporter with The Atlanta Journal-Constitution.
