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Acadia Realty Trust Acquires Retail Center In Atlanta For $62.5 Million From PGIM Real Estate

Property Image
SOLD
$62,500,000
Kenneth Bernstein
JC

Georgia

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Retail260,000 SF
Sold 10/06/2025
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Property Image
SOLD

Acadia Realty Trust Acquires Retail Center In Atlanta For $62.5 Million From PGIM Real Estate

3625 Dallas Highway

See Similar Deals
Retail260,000 SF
Sold 10/06/2025
Kenneth Bernstein
JC
the dealplayerscompscontact
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Summary

GEORGIA
Asset Type:Retail
Price Per Square Foot:$240
Total Square Footage:260,000 SF
Transaction Type:Sale

The Avenue West Cobb is a retail center located at 3625 Dallas Highway in Atlanta, GA. The asset spans 260,000 square feet and has a sale price of $62,500,000, equating to a price per square foot of $240.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $62,500,000
  • Buyer: Kenneth F. Bernstein - Acadia Realty Trust
  • Seller: Jacques Chappuis - PGIM Real Estate
  • Date of Sale: 10/06/2025
  • Market: Atlanta, GA
  • Square Footage: 260,000
  • Price per Square Foot: $240

Acadia Realty Trust purchased the retail center, which is currently 77% leased to tenants including Barnes & Noble and Warby Parker. The property was previously owned by PGIM Real Estate, which acquired it in 2006 for $81.3 million. The listing for this property was handled by CBRE as a value-add opportunity earlier this year.

Players

Kenneth Bernstein
Acadia Realty Trust
Kenneth Bernstein
8 deals$386M volume
BUYER
Acadia Realty Trust
Acadia Realty Trust
BUYER
JC
Jacques Chappuis
14 deals$2.7B volume
SELLER

Details

SOLD
IMAGE: 10/06/2025 ADDRESS: 3625 Dallas Highway MARKET: Atlanta, GA ASSET TYPE: Retail BUYER: Kenneth F. Bernstein - Acadia Realty Trust SELLER: Jacques Chappuis - PGIM Real Estate SALE PRICE: $62,500,000 SF: 260,000 ~ PPSF: $240 NOTE: Acadia Realty bought The Avenue West Cobb, a 260,000-square-foot retail center in Atlanta, for $62.5M from PGIM Real Estate, which had paid $81.3M in 2006. The center, 77% leased to tenants including Barnes & Noble and Warby Parker, was listed earlier this year by CBRE as a value-add opportunity.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,333,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$222,049.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$296,281.89
Annual Debt Service$3,555,382.63