We recently reported that Eastdil Secured was marketing Towne Center at Atlantic Station on behalf of its owner, AIG Global Real Estate.
This week, North American Properties was selected as the winning bidder for the property and now has the deal under a formal sales agreement.
North American Properties has been awarded the right to acquire a central piece of Atlantic Station, essentially placing the Cincinnati developer and real estate investment company in the lead position to buy a 586,000-square foot shopping and restaurant district within the landmark Midtown development.
Beleaguered American International Group Inc. (AIG) is selling off pieces of Atlantic Station, including Town Center at Atlantic Station, a district that includes Publix, the Regal 16 Cinemas, LA Fitness, trendy clothing retailer H&M and restaurants such as Rosa Mexicana and Dolce Entocea e Ristorante.
North American Properties is best known in Atlanta for Camp Creek MarketPlace, a 1.3 million-square-foot retail project at I-285 and Camp Creek Parkway.
This asset is one of several within the Atlantic Station development currently on the market. Others include the 25-story office tower, 271 Seventh Street and two mid-rise apartment deals, Icon and Park District, both developed by Lane Company. Eastdil Secured is also marketing these assets on behalf of AIG and Wachovia.
In addition to these deals, Starwood Property now controls the Atlantic Residences, through their ownership of the $164 million mortgage secured by the 46-story condo tower This mortgage was acquired last year, as part of Starwood’s $4.5 billion Corus Bancshares loan portfolio partnership with the FDIC.
[Atlanta Business Chronicle]
Update: Atlantic Station Under Contract
We recently reported that Eastdil Secured was marketing Towne Center at Atlantic Station on behalf of its owner, AIG Global Real Estate.
This week, North American Properties was selected as the winning bidder for the property and now has the deal under a formal sales agreement.
This asset is one of several within the Atlantic Station development currently on the market. Others include the 25-story office tower, 271 Seventh Street and two mid-rise apartment deals, Icon and Park District, both developed by Lane Company. Eastdil Secured is also marketing these assets on behalf of AIG and Wachovia.
In addition to these deals, Starwood Property now controls the Atlantic Residences, through their ownership of the $164 million mortgage secured by the 46-story condo tower This mortgage was acquired last year, as part of Starwood’s $4.5 billion Corus Bancshares loan portfolio partnership with the FDIC.
[Atlanta Business Chronicle]