State Farm buys more land across from the Dunwoody Marta Station, picks developer for large scale campus.

 

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State Farm Insurance Co. continues assembling land along the Atlanta Perimeter for its future campus.

This time the insurance giant purchased about 3.9 acres along Perimeter Center Parkway just south of the Dunwoody MARTA transit station. The site was once part of the big Perimeter office and land portfolio that Barry Real Estate and Rubenstein acquired in 2007. The site includes the Chequers Seafood Grill and a former Fuddruckers.

State Farm paid $32 million, or $189 per land square foot, according to Databank Inc., an Atlanta research firm. It’s a price more commonly paid for intown development sites in Buckhead or Midtown, said Databank founder Alan Wexler.

State Farm now controls land at the intersection of Perimeter Center Parkway and Hammond Drive, where it will develop its project. Earlier this year it bought the 10-story Hammond Exchange building and 13 acres of undeveloped land.

The company has chosen to work with KDC Real Estate Development and Investments.

More at the Atlanta Business Chronicle.