Atlantic Station's Officially on the Market
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Five years and a major turnaround later, North American Properties and CBRE Global Investors have officially put Atlantic Station's retail juggernaut back on the market.
We got an official marketing email from Eastdil Secured announcing the JV's intentions to sell the 586,300 SF trophy retail mini-city that includes such tenants as Publix, H&M, LA Fitness and Regal Cinemas (IKEA, Target and Dillard's are not part of this sale). The Atlantic Station Town Center is part of the larger 1.3M SF Atlantic Station development, of course, and could be considered one of the city's biggest turnaround stories. North American's Mark Toro (here) has spent the years since the JV acquired it for $173M in 2010 rejiggering the tenant lineup and pushing it heavily into social media. The payoff seems to have worked: the center is now 91% leased.
Town Center at Atlantic Station hosts more than 300 annual events and is the city's only walkable, 24-hour environment (unless you count a newborn's nursery), according to Eastdil.
Other sales points:
- The Regal is the highest volume theater in the Southeast. Inline tenant sales average $447/SF.
- Gross anchor sales, such as IKEA, Target, Regal and Publix, are up 26% since 2008.
- Atlantic Station's Klout.com score (a popular social media measure) is 83—exceeding other destination retail centers, including Bal Harbour Shops and The Grove.
Click here for a fancy video that details this and other things about the project.