Atlanta — Jamestown, a real estate development, investment and management firm based in Atlanta, has announced plans to purchase the Atlanta-based subsidiary of North American Properties (NAP), a prominent mixed-use developer and operator based in Cincinnati.
Terms of the acquisition were not disclosed, but NAP’s Atlanta office had $2 billion in assets under management (AUM) as of June 30, 2024. That portfolio includes nine mixed-use destinations across six states on the East Coast.
As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprising Colony Square in Midtown Atlanta; The Forum Peachtree Corners in Peachtree Corners, Georgia; Avenue East Cobb in Marietta, Georgia; Birkdale Village in Huntersville, North Carolina; Ridge Hill in Yonkers, New York; and Newport on the Levee in Newport, Kentucky.
The acquisition also includes the platform’s real estate services business that manages Avalon in Alpharetta, Georgia; Mercato in Naples, Florida; and Riverton in Sayreville, New Jersey. These third-party services will add to Jamestown’s real estate services business, which currently includes 22 projects across 19 cities and 10 countries.
“This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking,” says Michael Phillips, president of Jamestown. “Their expertise around suburban placemaking is a great complement for our urban placemaking expertise, as well as our grocery-anchored shopping center business.”
NAP’s Atlanta subsidiary was established in 1996 and had 200 employees at the time of the announcement. The operating platform and its assets will move forward under the Jamestown name post-acquisition. Tim Perry, who is currently the managing partner of NAP’s Atlanta subsidiary, will join Jamestown’s executive team as a managing director and co-chief investment officer.
“We look forward to continuing to create dynamic, community-focused destinations and unlocking new value creation opportunities as part of Jamestown’s global platform,” says Perry.
The acquisition is subject to customary closing conditions and is pending approval from lenders and investors. Jamestown anticipates the deal will close by the end of the year.
Jamestown had $11.7 billion in AUM as of June 30, 2024. The company’s current portfolio includes Ponce City Market in Atlanta’s Old Fourth Ward and Ghirardelli Square in San Francisco, among other properties. The company employs approximately 500 people worldwide with 12 global offices, including headquarters in Atlanta and Cologne, Germany.
William Williams Sr. founded NAP in 1954. The privately held company specializes in mixed-use developments but invests and manages a portfolio comprising multifamily, student housing, retail, hotel, office, industrial and condominium properties across the United States. NAP has offices in Atlanta, Cincinnati and Dallas, as well as two Florida offices in Fort Myers and the Space Coast.
— John Nelson