ING Clarion Sells Shopping Center to Rreef

ATLANTA-ING Clarion has sold Perimeter Square, a 186,058-sf retail center, to Rreef for an undisclosed price. Hayes Swann and Matt Tritschler, managing directors in DTZ Rockwood’s Atlanta office, brokered the transaction on behalf of the seller. A spokesperson for Rreef said the company does not comment further on acquisitions.

“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.