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Canada-based Brookfield Residential Properties Inc. is in talks to acquire San Diego-based OliverMcMillan, the Atlanta Business Chronicle reports. But OliverMcMillan CEO Dene Oliver told Bisnow that those talks do not include the real estate company's The Shops Buckhead Atlanta.
It was unclear as of press time what assets would be included in any sale to Brookfield Residential — a subsidiary of Brookfield Asset Management — which develops master-planned projects along with third-party homebuilders.
“At this time, those discussions [with Brookfield Residential] do not include The Shops Buckhead Atlanta,” Oliver said in an email to Bisnow. “With the ever-changing nature of real estate today — especially as it pertains to mixed use — forward-thinking companies are exploring all opportunities to create unique lifestyle environments."
OliverMcMillan took over the troubled development in 2010 after Ben Carter Enterprises sold its interest during the height of the Great Recession. OliverMcMillan then pushed the tenant mix toward luxury, opening the new project in 2015.
But as Bisnow reported, some of the retail tenants at The Shops Buckhead Atlanta were concerned about a lack of customer traffic in the project while paying some of the highest retail rents in the city. Consumer traffic was an issue OliverMcMillan disputed at the time, adding that both sales and traffic increased year over year.
The Business Chronicle reports that Brookfield may see an opportunity in OliverMcMillan's development portfolio, including mixed-use projects such as Nashville's Fifth + Broadway and Houston's River Oaks District.
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