Jamestown is buying the Atlanta-based subsidiary of North American Properties, which manages about $2 billion in assets.
The acquired company, founded in 1996, primarily operates mixed-use properties in suburbs and growth areas.
As part of the deal, Jamestown will make an undisclosed investment in the subsidiary’s portfolio, which includes properties in Georgia such as Colony Square in Atlanta, Avenue East Cobb in Marietta and the Forum Peachtree Corners in Peachtree Corners. In addition, there are properties 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 could combine offices with retail or housing.
In addition, Jamestown will receive the subsidiary’s business unit that manages third-party real estate services in Sayreville, New Jersey; Alpharetta, Georgia; and Naples, Florida.
“This acquisition will strengthen our competitive advantage in the market as a vertically integrated operator of mixed-use buildings with a focus on placemaking,” said Matt Bronfman, CEO of Jamestown, in a statement.
“Their expertise in suburban placemaking is a great complement to our expertise in urban placemaking as well as our grocery-focused mall business.”
Tim Perry was managing partner of NAP’s Atlanta subsidiary. Over the past four years, the platform’s portfolio has “grown significantly” under his leadership, Jamestown noted. Perry will join Jamestown’s leadership team and serve as co-chief investment officer and managing director.
Jamestown has long been a developer of mixed-use projects. The company, which managed $11.7 billion in assets as of June, told GlobeSt that the category goes beyond traditional office, retail and residential properties.
“The office sector has become more diverse and now includes advanced manufacturing, life sciences, and film and television,” said Michael Phillips, president of Jamestown.
“Retail has diversified its offering and now offers more health and wellness and entertainment concepts. The residential sector has diversified its offering and now offers independent, multi-layered offerings such as flexible living and hospitality living.”
The acquisition is subject to closing conditions but is expected to close in the fourth quarter. The NAP subsidiary will operate under the name Jamestown and over 200 employees will be retained.
