Dallas – Attorneys with the law firm of Thompson & Knight LLP represented North American Properties (“NAP”) and its key investors in the sale of Avalon, a premier 1.1 million square foot mixed-use lifestyle center located in Alpharetta, Ga., to PGIM Real Estate (“PGIM”). NAP also will sell the second phase of Avalon, which will include 90,000 square feet of class-A retail and 276 luxury apartment units, to PGIM. The second phase is under construction with completion scheduled for mid-2017.
Real Estate and Banking Partner Benjamin F.S. Herd led a team of Thompson & Knight attorneys from the Firm’s Dallas office, including Gregg C. Davis, Andrew A. Ingrum, Dan J. Hopper, Matthew H. Swerdlow, and Evan P. McCurdy. Thompson & Knight counseled NAP primarily in the areas of real estate and finance.
“While this deal was complex and presented unique challenges, navigating it was made easier by the fact that we have a longstanding and trusted relationship with the professional and knowledgeable team of people at North American Properties,” said Herd. “This was an ambitious project with a complicated structure and a short timeframe in which to close, but it served as a great opportunity to showcase our legal expertise while relying heavily upon our team-oriented approach to large transactions and our deep bench.”
The open-air mixed-use lifestyle center is part of an 86-acre master-planned Avalon community in Alpharetta, a suburb located approximately 20 miles north of Atlanta. The property is prominently positioned in a vibrant shopping, dining, and entertainment destination that serves the affluent northern Atlanta suburbs located in Fulton County. As part of this transaction, NAP sold 390,543 square feet of Class-A retail; 105,364 square feet of Class-A office space; 250 luxury apartment units; and a 3.3 acre office development parcel.
Terms of the transaction were not disclosed. Founded in 1954, NAP is a privately-held, multi-regional real estate operating company that has acquired, developed, and managed more than $5 billion of retail, multifamily, mixed-use, and office properties across the United States. To learn more about Thompson & Knight’s nationally recognized Real Estate and Banking practice, click here.