**Acadia Realty Acquires The Avenue West Cobb for $62.5 Million**
Acadia Realty has acquired The Avenue West Cobb, a 260,000-square-foot lifestyle retail center, for $62.5 million.
The seller was PGIM Real Estate, the real estate investment arm of Prudential Financial Inc. PGIM initially purchased the shopping center in 2006 for $81.3 million, according to the Atlanta Business Chronicle.
The Avenue West Cobb is located in the Atlanta metro area and features a variety of national tenants, including Barnes & Noble, Warby Parker, J. Crew Factory, and Walk-On’s Sports Bistreaux. As of May, the center was 77% leased and had been positioned as a value-add investment opportunity by CBRE, which began marketing the property earlier this year.
This transaction follows PGIM’s separate acquisition of The Avenue East Cobb — another similarly designed retail property located just 15 miles away — for $94.3 million. Both centers were originally developed by Cousins Properties in the early 2000s.
The purchase of The Avenue West Cobb at a notable discount highlights ongoing shifts in retail real estate valuations and opportunities in the evolving suburban commercial landscape.
