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One of the projects inspired by the success of Avalon in North Fulton has lured a big-named institutional investor.
CBRE Global Investors has purchased Alpharetta City Center, a mixed-use project in Downtown Alpharetta, from South City Partners and Morris & Fellows for an undisclosed sum.
The 83K SF project in the affluent suburban city 25 miles north of Downtown Atlanta includes boutique retailers, chef-driven restaurants and a 168-unit luxury apartment community adjacent to Alpharetta City Hall. JLL Managing Director David Gutting and Arden Capital Advisors Managing Partner Margaret Caldwell (formerly with JLL) represented the sellers.
The project was one of a new generation of developments in Atlanta's suburbs that took cues from the success of Avalon, the massive high-end mixed-use project in Alpharetta that North American Properties, Hines Interests and Cousins Properties built.
“Avalon broke the barrier and caused it to be believable that retailers and restaurants could pay the rents needed to create and support excellent real estate development,” Morris & Fellows President Cheri Morris previously told Bisnow. "You no longer had to build the cheapest strip shopping center you could build based on the rents you could capture.
“My project was enabled by Avalon, because my message was believable to the tenant marketplace because of Avalon's success,” Morris said.
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