Real estate investment and management firm Jamestown announced Tuesday that it will acquire the Atlanta subsidiary of North American Properties (NAP).
NAP’s Atlanta subsidiary has $2 billion in assets under management as of June 2024.
As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprised of Colony Square in Midtown; The Forum in Peachtree Corners; Avenue East Cobb in Marietta; Birkdale Village in Huntersville, NC; Ridge Hill in Yonkers, NY; and Newport on the Levee in Newport, KY.
The acquisition also includes NAP’s real estate services business that manages Avalon in Alpharetta, Mercato in Naples, FL, and Riverton in Sayreville, NJ.
“Jamestown’s North Star is to create inspiring places that serve as the foundation of community life and reinforce a sense of place and belonging, while generating value for investors,” Michael Phillips, President of Jamestown, said in a press release. “This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking. Their expertise around suburban placemaking is a great complement for our urban placemaking expertise, as well as our grocery-anchored shopping center business.”
“Our goal is to be the best mixed-use investor and operator globally, focusing on creating innovation hubs and community centers,” Matt Bronfman, CEO of Jamestown, said in the release. “As part of the firm’s next chapter, Jamestown plans to continue to scale its vertically integrated platform and mixed-use expertise to more markets. This acquisition advances our goal and is a major step toward realizing our long-term vision for the future.”
Upon closing, which is expected before the end of the year, the NAP subsidiary will move forward under the Jamestown name—as will its more than 200 employees. 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.
“Joining Jamestown represents an exciting new chapter,” Perry said in the release. “We look forward to continuing to create dynamic, community-focused destinations and unlocking new value-creation opportunities as part of Jamestown’s global platform.”
NAP will continue to own and operate real estate through its other affiliates and manage investments across its wide-ranging venture portfolio. The company will also continue to be an investor in the subsidiary’s six owned assets.
“Since we founded the Atlanta office 28 years ago, the team has built a great platform for the communities and partners it serves,” Tom Williams, CEO of North American Properties, said in the press release. “Finding a like-minded partner in Jamestown is a great outcome for our people, and we look forward to continuing to invest in real estate alongside them.”
