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 Atlanta reported 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.
What would you like to see happen to Perimeter Pointe? What is your fondest memory of Perimeter Pointe? What upcoming Perimeter area opening are you most looking forward to?
Please share your thoughts below.
13 comments:
That center has seen its better days but has a lot of upside. There is so much retail in that area that has recently been renovated that I doubt a facelift would make a difference. A multi-family, mixed-use use and hotel with quick train access would be a best.
If Chick-fil-a doesn't currently own their parcel they should definitely try to buy it and maybe some additional lane. This might be a good location for Chick-fil-a to locate their new 4-lane drive through concept building.
I can also envision a redevelopment with the current trend to have a 5-6 story building with retail on the ground floor and apartments and/or condos on the floors above. High density, High quality residential adjacent to a MARTA station would be attractive, provided the developer provides enough security for the residences.
I figured something would happen with this shopping center once you posted about Home Goods recently. I used to go to this shopping center all the time back when it had Michael's
& Steinmart. My most favorite store it had years ago was Atlanta Scrapbook Connection - a wonderful independently owned scrapbooking store. Miss those days!
Curious to know what was posted recently about HomeGoods because I did not see that.
It was posted in this group on July 7th. There is a new Home Goods opening on Hammond Rd in Hammond Exchange shopping center. There is speculation about if it would replace the Perimeter Point location.
the last thing the area needs
I’d really love to see a grocery over there. The closest locations would be the Publix off of Ashford Dunwoody, the Publix on Hammond and the Publix on CDR. Maybe another grocery store would do well.
There is a brand new Publix a mile from there, next to the new QT.
I thought it was interesting and somewhat puzzling that developers implemented a massive water control project to fill in the old PF Chang's lake, rather than re-develop this property. People in the area used that lake as an informal neighborhood park - I was sorry to see them pave it and literally put up a parking lot...
We need a grocery store along that corridor (I’m still pulling for Wegmans, but they have no distribution infrastructure thus far south). When coming off 400 the Krogers & Publix — plus Whole Foods, Trader Joe’s — are west along Roswell Rd. Rumors were Chick-fila was rebuilding in the corner near the MARTA Station— it could have been larger, but I was having a hard time imagining accessibility … maybe move where Happy Sumo was …? With this sale it will be YEARS before we see what happens to this property.
I was hoping for Acme. I’m from New Jersey and we like Acme.
They should turn it into high end shops and fine dining. High end clothing, high end watches, high end housewares, $200 lunches $500 dinners. Champagne morning, noon, and night. Absolutely fabulous! Keep the under $10 million net worth riff raff out.
It was the best when Stein Mart, Max and Ermas and Michaels was there. Max and Ermas location has been vacant for too many years. It would be great to have a specialty grocery store there, a quick run in on way home. Harris Teeter is missed. Trader Joe’s would be wonderful. More restaurants where you don’t have to get in Mall traffic would be great. People getting off of 400 to go to Dunwoody would stop and pick up needs for dinner because it’s convenient. Please don’t put more apartments up, we have so many new ones now and I can’t see who can afford the rent on these new places. And the traffic can’t sustain it.
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