2024's Top 10 Retail Center Experiences: No. 8 Avenue East Cobb
Avenue East Cobb was a breath of fresh retail air in Marietta when it opened 25 years ago, an open-air alternative to enclosed malls that was chock with upscale, alternative brands appealing to Atlanta suburbanites.
Over the past half-decade, however, newer lifestyle centers in the region — Avalon in Alpharetta, for one —began drawing on its business. Avenue East Cobb’s traffic, sales, and tenant quality went into decline. Its occupancy rate had fallen below 75%.
So, in 2021, PGIM Real Estate, the center’s owner, entered into a joint venture agreement with North American Properties — Avalon’s original developer — to re-tune the asset.
“We talked to the tenants and to the community and found that what they wanted was a gathering place,” said Sara Hemmer, NAP’s director of marketing Sara Hemmer. “Originally we thought it would work in the entryway, but we observed how guests moved through the property and moved it to the central area in the back.”
NAP demolished a portion of the central retail building to make room for an 8,000-sq.-ft., turfed event plaza with a raised performance stage, a deck with soft seating, and a fire pit. It reconfigured the tenant mix around the plaza and replaced two former storefronts into restaurants with patios spilling out into the gathering space. One of them was Round Trip Brewing Company.
“The first day we started working on the project we said, ‘East Cobb needs a brewer,’” said NAP executive VP of leasing Adam Schwegman. “We worked tirelessly and put Round Trip in what is now its second location.
In its short time on the project, NAP signed more than 55,000 sq. ft. of new leases with 15 brands. Among them are Barnes & Noble, Drybar, Evereve, Lululemon, Warby Parker, New York Butcher Shoppe, and Tempur-Pedic.
“We’ve seen a significant traffic increase on event dates, which are usually weekday nights,” said Hemmer. “We’re having a lot of success with those on social media. East Cobb has its own local community and word travels fast.”
NAP reports that, since 2022, Avenue East Cobb’s foot traffic and sales per square foot has increased by 20%
Here is the complete list of CSA's Top 10 Retail Center Experiences.
9/RIO
10/Dania Pointe