East Cobb Avenue will add a center lawn and more restaurants under new ownership

EAST COBB, GA — A company that plans to add upscale restaurants, host more events and create a more “downtown” atmosphere has purchased The Avenue East Cobb for an undisclosed amount.

North American Properties – the owner of Avalon in Alpharetta and the company behind the Atlantic Station and Colony Square renovations in Atlanta – announced Wednesday that it has acquired the 230,000 square foot commercial development in Marietta, located near the Fulton County line. The purchase was reported by several industry publications and East Cobb News.

“East Cobb is home to an incredible population of families looking for places to go and things to do, but it looks nothing like a downtown core,” Adam Schwegman, director of North American Properties, said in a statement Wednesday. hurry.

As a remedy, North American Properties plans to add a central lawn surrounded by “chef-led restaurants with patio spaces,” as well as concierge service and other events. According to Chain Store Age, North American Properties already hosts more than 200 events a year in Avalon.

“Lifestyle centers like The Avenue East Cobb were designed to fill market gaps – the shopping deserts between regional malls – by bringing outdoor shopping to the community,” said the managing partner of North American Properties, Tim Perry, in the company’s press release. “As these communities have matured around them, they have become the center of the community, and while The Avenue East Cobb has remained a high performing asset over the years, NAP sees an opportunity to elevate the destination into a true third place with a modern mix of retailers and restaurants.”

Built more than 20 years ago by Cousins ​​Properties, The Avenue East Cobb was the first of its open-air malls to carry the “Avenue” brand, according to Shopping Center Business. The center’s former owner, Poag Shopping Centers, bought The Avenue East Cobb for more than $94 million, according to East Cobb News. Poag did not sell The Avenue West Cobb, which he also owns.

Read the story in East Cobb News.

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