Prudential Arm Buys Alpharetta's Avalon
PGIM Real Estate's deal to buy Avalon includes everything but Microsoft's kitchen sink. Word came down this week that an investment arm of Prudential Financial (on behalf of an unidentified institutional investor) purchased North American Properties' Alpharetta mega-development, Avalon, for an undisclosed sum. The purchase includes 1.1M SF of retail and office space as well as the 250-unit apartments (both office and apartments are above the retail) and a 3.3-acre office development parcel. It's also under contract to buy Phase 2 of the Avalon project. Officials with PGIM confirm Hines Interests/Cousins Properties' JV'd 210k SF office project anchored by Microsoft is not part of this transaction. This is NAP managing partner Mark Toro's second big Atlanta turnaround and sale, the first being the huge reposition of Atlantic Station's retail village, which eventually traded to Hines and Morgan Stanley for $200M.