Acquisition to Reinforce Jamestown’s
Mixed-Use Placemaking Business and Diversify Jamestown Into More
Suburban, High-Growth Markets – Nine Properties Across Six
States
Jamestown, a global, design-focused real estate investment and
management firm with $11.7 billion in assets under management as of
June 30, 2024, today announced it will acquire the Atlanta
subsidiary of Cincinnati-based North American Properties (NAP), a
family-owned real estate company founded by William J. Williams,
Sr. in 1954. The Atlanta subsidiary, which has $2 billion in assets
under management as of June 2024, is an owner/operator and real
estate services provider of mixed-use properties in suburban,
high-growth markets across the Eastern U.S.
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Jamestown to acquire Atlanta-based
subsidiary of North American Properties (Photo: NAP Atlanta)
As part of the transaction, a Jamestown affiliate will make an
investment in the platform’s portfolio comprised of Colony Square
(Atlanta, Georgia), The Forum Peachtree Corners (Peachtree Corners,
Georgia), Avenue East Cobb (Marietta, Georgia), Birkdale Village
(Huntersville, North Carolina), Ridge Hill (Yonkers, New York), and
Newport on the Levee (Newport, Kentucky).
The acquisition also includes the platform’s real estate
services business that manages Avalon (Alpharetta, Georgia),
Mercato (Naples, Florida), and Riverton (Sayreville, New Jersey).
These third-party services engagements will add to Jamestown’s
growing real estate services business, which currently includes 22
projects across 19 cities and ten countries.
“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,” said
Michael Phillips, President of Jamestown. “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,” said Matt Bronfman, CEO of Jamestown. “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 subject to customary closing conditions,
pending approval from lenders and investors, and anticipated to
occur by the fourth quarter of 2024, the Atlanta-based operating
platform and its assets 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,” said
Tim Perry, Managing Partner of NAP’s Atlanta subsidiary. “We
look forward to continuing to create dynamic, community-focused
destinations and unlocking new value creation opportunities as part
of Jamestown’s global platform.”
Established in 1996, NAP’s Atlanta subsidiary has a long track
record of creating vibrant, mixed-use destinations. Over the last
decade, the subsidiary has scaled its hospitality-forward,
vertically integrated operating platform and positioned itself as a
boutique, full-service developer pursuing opportunistic returns.
This has allowed the subsidiary to assemble a portfolio of
underutilized lifestyle destinations and maximize their potential
through value-add, experiential redevelopment projects. The
platform’s portfolio size has grown substantially in the last four
years under the leadership of Perry.
Cincinnati-based North American Properties 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 platform’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,”
said Tom Williams, CEO of North American Properties.
“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.”
About Jamestown
Jamestown is a design-focused, vertically integrated real estate
investment manager and service provider with over 40 years of
experience and a mission to create places that inspire. Since its
founding in 1983, Jamestown has executed transactions exceeding $40
billion. As of June 30, 2024, Jamestown has assets under management
of $11.7 billion and a portfolio spanning key markets throughout
the U.S., Latin America, and Europe. Jamestown employs
approximately 500 people worldwide with 12 global offices,
including headquarters in Atlanta and Cologne. Current and previous
projects include One Times Square and Chelsea Market in New York,
Industry City in Brooklyn, Ponce City Market in Atlanta,
Ghirardelli Square in San Francisco, the Innovation and Design
Buildings in Boston and Lisbon, and Groot Handelsgebouw in
Rotterdam. For more information, visit www.jamestownlp.com.
About North American Properties
Founded in 1954, North American Properties (NAP) is a privately
held, multi-regional real estate company that develops, manages,
and invests in real estate. The company’s projects include
multifamily and student housing, mixed-use spaces, retail and
grocery-anchored shopping centers, hotels, offices, industrial, and
condominium developments across the United States. For more
information visit naproperties.com.
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Media Lisa Serbaniewicz Jamestown
lisa.serbaniewicz@jamestownlp.com
Britni Johnson North American Properties
britni.johnson@naproperties.com
Siobhán Stocks-Lyons Marino sstocks-lyons@marinopr.com