Jamestown to Acquire Atlanta-Based $2B Mixed-Use Portfolio Company
It has properties outside of Georgia.
Jamestown is purchasing North American Properties’ Atlanta-based subsidiary, which manages about $2 billion in assets.
The acquired firm, which was first established in 1996, mainly operates mixed-use properties in suburban and high-growth areas.
As part of the deal, Jamestown will make an undisclosed investment in the subsidiary’s portfolio. It includes Georgia-based properties such as Colony Square in Atlanta, Avenue East Cobb in Marietta, and the Forum Peachtree Corners in Peachtree Corners. Additionally, properties are located outside the state including Birkdale Village in Huntersville, North Carolina, Ridge Hill in Yonkers, New York, and Newport on the Levee in Newport, Kentucky. Some of these mixed-use spaces might combine office with retail, or residential housing.
Plus, Jamestown will be getting the subsidiary’s unit that manages third-party real estate services in Sayreville, New Jersey, Alpharetta, Georgia, and Naples, Florida.
“This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking,” Matt Bronfman, CEO of Jamestown said in a statement.
“Their expertise around suburban placemaking is a great complement for our urban placemaking expertise, as well as our grocery-anchored shopping center business.”
Tim Perry has served as the managing partner of NAP’s Atlanta subsidiary; in the last four years, Jamestown noted that the platform’s “portfolio size has grown substantially” under his leadership. Perry will be joining Jamestown’s executive team, and serve as co-chief investment officer and managing director.
Jamestown has been a long developer of mixed-use projects. The company, which holds $11.7 billion in assets under management, as of June, told GlobeSt that the category goes beyond just traditional office, retail, and residential.
“The office component has diversified to include advanced manufacturing, life sciences, and film and TV,” Michael Phillips, president of Jamestown said.
“Retail has diversified to include more health and wellness and entertainment concepts. Residential has diversified to include distinct, layered offerings like flex-living and hospitality living.”
While the acquisition s subject to closing conditions, the deal is expected to be completed in the fourth quarter. The unit of NAP will operate under Jamestown’s name and its over 200 employees will join.