"Perimeter Square's prime location at the heart of the vibrant Central Perimeter submarket, combined with its being 100% leased with staggered rollover exposure, succeeded in generating a good deal of interest from investors who wanted to minimize their risk in these uncertain economic times through an investment that offers secure cash flow and future upside potential," said Tritschler in a prepared statement. ING Clarion decided to put the asset up for sale "for portfolio reasons," Swann tells GlobeSt.com.

The class A power center is 100% leased with rental rates from $14 to $27 per sf. Tenants include Bed Bath & Beyond, T.J. Maxx, Havertys and PetSmart. The center's newest store, Total Wine & More, is only the second of its kind in the Atlanta region. The 21,000-sf space is expected to open in November.

Perimeter Square is located in Atlanta's Central Perimeter community, which contains more than 22 million sf of office space and is surrounded by some of the most affluent neighborhoods in Atlanta, says Tritschler. The property was built in 1994 and is located north of the I-285 and GA 400 intersection, within half a mile of the 1.6 million-sf Perimeter Mall.