After months of shopping around in Central Perimeter, Cornerstone has finally made its choice. This past week, Cornerstone announced their purchase of Premier Plaza, a two-building complex totaling 318,000 SF. Cornerstone purchased the building from Ackerman & Co. for $50 million, or about $162 per square foot. The Central Perimeter submarket has seen a lot of activity this year, and Premier Plaza has been one of the most sought-after assets; building reps claim they toured the building more than 40 times this year.
Ackerman & Co. isn’t exiting the market by any means. In fact, just last week the company closed on Braselton 85 Logistics Center. The property is a 500,000 SF warehouse located on Highway 124. Ackerman purchased a similar property, Gateway Distribution Center, in 2010 and flipped it after leasing it up; most speculate their plans with Braselton 85 Logistics Center will follow this pattern.Share