The Atlanta-based subsidiary of a commercial real estate company that completed the redevelopment of Avenue East Cobb last year is being purchased by another major commercial developer and property manager.
North American Properties announced Tuesday that its Atlanta unit is being acquired by Jamestown Properties, which manages major office and retail properties that include Parkaire Landing Shopping Center in East Cobb.
NAP said in a release that a Jamestown affiliate will “make an investment” in the new portfolio of properties, which includes Colony Square and Atlantic Station in Atlanta, The Forum in Peachtree Corners and others in New York, North Carolina and Kentucky.
NAP also is the developer of Avalon in Alpharetta and counts nearly $2 billion in assets in its Atlanta unit. The acquisition is expected to be completed in the fourth quarter of 2024.
“Jamestown’s North Star is to create inspiring places that serve as the foundation of community life and reinforce a sense of place and belonging, while generating value for investors,” Jamestown president Michael Phillips said in a release.
“This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking. Their expertise around suburban placemaking is a great complement for our urban placemaking expertise, as well as our grocery-anchored shopping center business.”
The acquisition comes as Jamestown is making a major push into suburban areeas.
Jamestown owns 22 properties in 19 states, and at Parkaire, the anchor is a Kroger store. Avenue East Cobb doesn’t have retail grocery, but has opened a number of new retail stores and restaurants in wake of the redevelopment.
Those include a Barnes & Noble bookstore, Press Waffle Co., Peach State Pizza and Round Trip Brewing Co. There is a major vacancy at Avenue East Cobb after Drift Fish House & Oyster Bar closed at the end of last year, opting not to renew its lease.
One of the two “jewel box” spaces built in the redevelopment also remains vacant.
NAP said its 200 employees, including top executives, will come under the Jamestown umbrella after the deal closes.
Jamestown has more than $11.7 billion in assets in the U.S., Latin America and Europe. Its other properties in metro Atlanta include Ponce City Market.
NAP, based in Cincinnati, opened its Atlanta office in 1996.
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