Jamestown to acquire North American Properties’ retail real estate unit
The award-winning mixed-use project developer known for creating Avalon and Colony Square in the Atlanta metro will no longer carry the name North American Properties.
Atlanta-based Jamestown has announced it will acquire the unit, which has $2 billion in assets, and will make an investment in the platform’s portfolio, which includes Georgia’s Colony Square, The Forum Peachtree Corners, and Avenue East Cobb. It will hereafter operate under the Jamestown name.
The rest of the property lineup is made up of Birkdale Village in Huntersville, N.C, Ridge Hill in Yonkers, N.Y. and Newport on the Levee in Newport, Ky.
Jamestown will also take over the former NAP subsidiary’s third-party property management business and add it to its own real estate services business, which manages 22 projects worldwide.
“This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking,” said Jamestown president Michael Phillips. “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, the managing partner of the NAP unit, which was based in Atlanta, will join Jamestown’s executive team as a managing director and co-chief investment officer.
“Joining Jamestown represents an exciting new chapter,” Perry said. “We look forward to continuing to create dynamic, community-focused destinations and unlocking new value creation opportunities as part of Jamestown’s global platform.”
Since its founding in 1983, Jamestown has executed transactions totaling approximately $40 billion. Current assets under management of $11.7 billion. Its owned properties include One Times Square in New York; Ghirardelli Square in San Francisco; Ponce City Square in Atlanta; Raleigh Iron Works in North Carolina, and Constitution Wharf in Boston.
Established in 1996, NAP’s Atlanta subsidiary established a consistent track record for creating vibrant, mixed-use destinations. Over the last decade, the subsidiary has made a name for itself by seeking out under-utilized lifestyle destinations and maximizing their potential with green spaces, events, and upgraded tenant curations high on food and beverage and experiences.
“Since we founded the Atlanta office 28 years ago, the team has built a great platform for the communities and partners it serves,” said North American Properties CEO Tom Williams. “Finding a like-minded partner in Jamestown is a great outcome for our people, and we look forward to continuing to invest in real estate alongside them.”
