Town Center at Cobb in Kennasaw transferred to The Ardent Cos. as part of a foreclosure auction. The Atlanta Business Chronicle reports the transaction was valued at $51.75 million.
Kohan Retail Investment Group purchased Town Center at Cobb for $71 million in January 2023 and took out a $42 million loan that became tied to Hull Property Group, records show. Kohan then paid off that loan in full in August 2024 and took out a new $46.7 million loan with The Ardent Cos. It now controls most of Town Center at Cobb except for JCPenney and Macy’s, which are owned by those retailers.
Located off Ernest West Barrett Parkway, the 1.3 million square foot Town Center at Cobb debuted in 1986.
Ardent’s discount purchase was not the first time that Town Center at Cobb’s valuation took a hit. The property went into foreclosure in 2021, with lead lender and loan trustee Deutsche Bank claiming the mall from Simon Property Group in 2021.
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