Town Center at Cobb, a regional mall in Kennasaw, has transferred to The Ardent Cos. following a foreclosure auction. According to reporting cited from The Atlanta Business Chronicle, the transaction was valued at $51.75 million, reflecting a change in control for the 1.3 million square foot property.
The mall has seen several ownership and financing shifts over the past few years. Kohan Retail Investment Group acquired Town Center at Cobb in January 2023 in a $71 million transaction, according to public records referenced in the report. At the time of that acquisition, Kohan obtained a $42 million loan that later became associated with Hull Property Group.
Records show that Kohan fully repaid the $42 million loan in August 2024 and subsequently secured a new $46.7 million loan from The Ardent Cos. That financing relationship preceded Ardent’s current control of the mall through the foreclosure auction process. As a result of the recent transfer, The Ardent Cos. now controls most of Town Center at Cobb.
Not all of the mall’s real estate changed hands in the foreclosure-related transaction. JCPenney and Macy’s, both operating as anchor stores at the property, continue to own their respective real estate at the center. Those parcels remain outside Ardent’s control and are owned directly by the two retailers.
Town Center at Cobb is located off Ernest West Barrett Parkway and opened in 1986. Since its debut, it has functioned as a major retail destination in its area, with multiple large-format anchors and a substantial enclosed mall footprint.
The latest foreclosure auction is not the first time that Town Center at Cobb has faced distress. The property previously went into foreclosure in 2021, when lead lender and loan trustee Deutsche Bank claimed the mall from former owner Simon Property Group. That earlier transfer underscored mounting financial pressure on the asset well before the most recent change in control involving The Ardent Cos. and Kohan Retail Investment Group.
With the new ownership structure in place, Town Center at Cobb enters another chapter marked by a significantly lower valuation than its 2023 sales price and a history of multiple foreclosures and loan restructurings over a relatively short period.
