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Ardent buys Town Center at Cobb in Kennesaw foreclosure auction

The deal values the Kennesaw mall at $51.75 million, and Ardent now controls most of the 1.3 million square foot property.

Reported · Written up by our desk · Commercial

Town Center at Cobb in Kennesaw, Georgia, has transferred to The Ardent Cos. following a foreclosure auction, according to ConnectCRE.

The Atlanta Business Chronicle valued the transaction at $51.75 million. The mall’s total size is about 1.3 million square feet and it is located off Ernest West Barrett Parkway.

ConnectCRE reports Kohan Retail Investment Group bought Town Center at Cobb in January 2023 for $71 million, along with a $42 million loan that later became tied to Hull Property Group. Kohan paid off that loan in full in August 2024 and then took out a new $46.7 million loan with The Ardent Cos.

Ardent now controls most of Town Center at Cobb, with JCPenney and Macy’s still owned by those retailers, ConnectCRE added. The property first went into foreclosure in 2021, when Deutsche Bank, listed as lead lender and loan trustee, sought the mall from Simon Property Group.

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