Town Center at Cobb, a regional mall in Kennesaw, changed hands in a foreclosure auction, with The Ardent Cos. emerging as the new controlling party for most of the property. The asset was valued at $51.75 million in the transaction, according to reporting cited from The Atlanta Business Chronicle.
The mall has seen significant price volatility in recent years. Kohan Retail Investment Group acquired Town Center at Cobb in January 2023 for $71 million. At the time of that acquisition, Kohan obtained a $42 million loan that became associated with Hull Property Group, according to recorded documents referenced in the report.
In August 2024, Kohan repaid the $42 million loan in full and subsequently executed a new $46.7 million loan with The Ardent Cos. That financing arrangement preceded the foreclosure auction in which the property ultimately transferred to Ardent. The article notes that the buyer now controls most of the mall, with the exception of the JCPenney and Macy’s stores, which remain owned by those respective retailers.
Town Center at Cobb comprises approximately 1.3 million square feet and opened in 1986. The property is situated off Ernest West Barrett Parkway, positioning it as a longstanding retail destination in its trade area. Despite its size and history, the mall has experienced a series of ownership and capital structure changes over the last several years.
The recent transfer to Ardent was not the first time the asset has encountered distress. Town Center at Cobb previously went into foreclosure in 2021. At that time, lead lender and loan trustee Deutsche Bank took control of the mall from Simon Property Group, underscoring earlier financial challenges at the property.
The sequence of events from the 2021 foreclosure through Kohan’s 2023 purchase, subsequent refinancing activity, and the latest foreclosure auction highlights ongoing pressure on the mall’s valuation and capital stack. While the current transaction reset pricing at a discount to Kohan’s earlier purchase, the property continues to operate with JCPenney and Macy’s retaining ownership of their respective stores.
Details on future leasing, capital investment plans, or repositioning strategies for Town Center at Cobb under Ardent’s control were not disclosed in the source material. Similarly, the specific terms of the foreclosure auction and the structure of Ardent’s winning bid beyond the reported valuation were not provided.
