North American Properties, CBRE Global Investors Sell Town Center at Atlantic Station

by Katie Sloan

Atlanta — North American Properties (NAP) and CBRE Global Investors have sold Town Center at Atlantic Station in Midtown Atlanta to an institutional investor advised by Hines.

The Houston-based real estate firm will serve as asset and property manager of the 586,000-square-foot retail center that anchors Atlantic Station, a mixed-use development comprising retail space, restaurants, entertainment venues, three office towers, a hotel and a freestanding Ikea, Target and Dillard’s.

The development also houses events such as Cirque du Soleil and Bodies: The Exhibition. The sales price was undisclosed but media outlets value the sale at roughly $200 million. NAP and CBRE Global Investors purchased the retail center, some office space and land for future development in 2010 for $173 million.

According to media outlets, the buyer advised by Hines is an investment fund with ties to Morgan Stanley.

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