The developer of Ponce City Market is looking to sell its smaller adaptive reuse project across the street months after it stopped paying dividends to nonaccredited investors in the deal.
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Atlanta-based Jamestown is exploring a sale of the 80K SF creative office Southern Dairies over the next six to 12 months, the company's investment fund disclosed in a Monday U.S. Securities and Exchange Commission filing.
Southern Dairies, which is across North Avenue from Ponce City Market in the historic Old Fourth Ward neighborhood, is Jamestown’s redevelopment of an ice cream maker and dairy from the 1930s. The project is nearly completely filled, including the Atlanta office for concert promoter Live Nation.
"I think it's just time to sell," Jamestown CEO Matt Bronfman said in an interview Wednesday after Bisnow's Atlanta State of the Market at 1375 Peachtree.
He added in a subsequent email that the company is "proud of how we have executed our business plan and created a well-leased office district. But debt costs have risen considerably.”
The sale is an effort to “resolve outstanding redemption requests and provide liquidity to all investors,” according to the September filing.
Jamestown stopped offering quarterly redemptions from the property to investors in the second quarter after the debt’s monthly payment made “a significant impact” on Southern Dairies' cash flow, according to a July SEC filing. Jamestown disclosed that investors holding more than 39,600 shares were seeking redemptions totaling around $446K.
At the time, Jamestown was evaluating a potential sale but wanted to wait for improving office conditions, according to the July filing.
In March 2025, Jamestown modified its $25.4M loan on Southern Dairies to extend its maturity date out to March 2027. Jamestown incurred $758K in interest expenses on the mortgage over a six-month period ending on June 30, down from $800K for the same period in 2025. At the same time, rental income rose from $1.8M to $2.3M, according to filings.
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Jamestown previously halted accepting any new investors into the Jamestown Invest 1 fund in 2022 after raising a little more than $11M on its $50M maximum allotted for the fund, Bisnow previously reported, after a severe pullback in capital markets at the time.
Jamestown did not reveal an expected purchase price in its filing. But Fulton County valued both the buildings and land at $12.6M this year, according to records. Jamestown paid $34.5M in 2019 for the project, according to Fulton County. And the Jamestown Invest 1 fund paid more than $7M for a 51% controlling stake in the project in 2020, according to SEC filings.
Since forming the fund in 2019, Jamestown has received a total of $591K in redemption requests from investors holding more than 50,500 shares, according to SEC filings.
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