The Forum on Peachtree Parkway gives North American Properties a handle on high-end mixed use centers in North Atlanta.
With its latest acquisition, North American Properties claims to have achieved “critical mass” control over aspirational mixed-use developments in the tony North Atlanta suburbs.
The manager and leasing director of Avalon in Alpharetta and current redeveloper of Avenue East Cobb in Marietta has acquired The Forum on Peachtree Parkway, its second joint venture partnership with Nuveen Real Estate. Nuveen, part of the Teachers Insurance and Annuity Association retirement fund, claims to be one of the largest real estate asset managers in the world with $142 billion worth of properties in its portfolio.
The 500,000-sq.-ft. Forum, which opened in the planned community of Peachtree Corners in 2002, is a high-end town center with tenants the likes of Pottery Barn, Lululemon, and Trader Joe’s that has experienced vacancies in recent years. Tim Perry, who took over as NAP’s managing partner in 2020, feels his company can breathe new life into the center.
“We actively seek the best, most under-appreciated, and undervalued developments in prime locations that still have purpose in their communities but need some second-gen love,” Perry said. “With each property, we aim to position or restore them as the crown jewels of their respective markets.”
On NAP’s fix-it list for The Forum are new food and beverage options, emerging and digitally native brands moving into physical space, and high-end services. One of Avalon’s signature amenities is a concierge staff that will deliver a guests’ purchases to their cars while they head off for dinner.
Perry took control of NAP’s high-amenity community centers with a mind toward expanding them with the purchase of underperforming assets in high-density areas. His senior VP of leasing Adam Schwegman feels he’s pulled off a triple-place with the acquisition of The Forum.
“Any tenant seeking to effectively cover the North Atlanta suburbs can do so by locating at Avalon, Avenue East Cobb or The Forum; all of which are now in our portfolio,” Schwegman said.