Cornerstone Pulls Trigger in Central Perimeter

PremierPlaza

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.

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