Avenue East Cobb To Add Central Lawn, More Dining Under New Owner

EAST COBB, GA — A company that plans to add upscale dining, stage more events and create more of a “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 revamps at Atlantic Station and Colony Square in Atlanta — announced Wednesday it acquired the 230,000-square-foot retail development in Marietta, located near the Fulton County line. The purchase was reported by multiple industry publications and East Cobb News.

“East Cobb is home to an incredible population of families who are looking for places to go and things to do, yet it lacks any resemblance of a downtown,” North American Properties executive Adam Schwegman said Wednesday in a news release.

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

“Lifestyle centers like The Avenue East Cobb were designed to fill gaps in the market — the retail deserts between regional malls — by providing outdoor shopping for the community,” North American Properties managing partner Tim Perry said in the company’s news release. “As these communities have matured around them, they 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 shopping centers to be branded “Avenue,” according to Shopping Center Business. The center’s previous owner, Poag Shopping Centers, purchased The Avenue East Cobb for more than $94 million, according to East Cobb News. Poag did not sell The Avenue West Cobb, which it also owns.

Read the story in East Cobb News.