Jamestown to Acquire Atlanta-Based Subsidiary of North American Properties – Mixed-Use Owner/Operator With $2 Billion in AUM

Acquisition to Reinforce Jamestown’s Mixed-Use Placemaking Business and Diversify Jamestown Into More Suburban, High-Growth Markets – Nine Properties Across Six States

Jamestown, a global, design-focused real estate investment and management firm with $11.7 billion in assets under management as of June 30, 2024, today announced it will acquire the Atlanta subsidiary of Cincinnati-based North American Properties (NAP), a family-owned real estate company founded by William J. Williams, Sr. in 1954. The Atlanta subsidiary, which has $2 billion in assets under management as of June 2024, is an owner/operator and real estate services provider of mixed-use properties in suburban, high-growth markets across the Eastern U.S.

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Jamestown to acquire Atlanta-based subsidiary of North American Properties (Photo: NAP Atlanta)

As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprised of Colony Square (Atlanta, Georgia), The Forum Peachtree Corners (Peachtree Corners, Georgia), Avenue East Cobb (Marietta, Georgia), Birkdale Village (Huntersville, North Carolina), Ridge Hill (Yonkers, New York), and Newport on the Levee (Newport, Kentucky).

The acquisition also includes the platform’s real estate services business that manages Avalon (Alpharetta, Georgia), Mercato (Naples, Florida), and Riverton (Sayreville, New Jersey). These third-party services engagements will add to Jamestown’s growing real estate services business, which currently includes 22 projects across 19 cities and ten countries.

“Jamestown’s North Star is to create inspiring places that serve as the foundation of community life and reinforce a sense of place and belonging, while generating value for investors,” said Michael Phillips, President of Jamestown. “This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking. Their expertise around suburban placemaking is a great complement for our urban placemaking expertise, as well as our grocery-anchored shopping center business.���

“Our goal is to be the best mixed-use investor and operator globally, focusing on creating innovation hubs and community centers,” said Matt Bronfman, CEO of Jamestown. “As part of the firm’s next chapter, Jamestown plans to continue to scale its vertically integrated platform and mixed-use expertise to more markets. This acquisition advances our goal and is a major step toward realizing our long-term vision for the future.”

Upon closing, which is subject to customary closing conditions, pending approval from lenders and investors, and anticipated to occur by the fourth quarter of 2024, the Atlanta-based operating platform and its assets will move forward under the Jamestown name—as will its more than 200 employees. Tim Perry, who is currently the Managing Partner of NAP’s Atlanta subsidiary, will join Jamestown’s executive team as a Managing Director and Co-Chief Investment Officer.

“Joining Jamestown represents an exciting new chapter,” said Tim Perry, Managing Partner of NAP’s Atlanta subsidiary. “We look forward to continuing to create dynamic, community-focused destinations and unlocking new value creation opportunities as part of Jamestown’s global platform.”

Established in 1996, NAP’s Atlanta subsidiary has a long track record of creating vibrant, mixed-use destinations. Over the last decade, the subsidiary has scaled its hospitality-forward, vertically integrated operating platform and positioned itself as a boutique, full-service developer pursuing opportunistic returns. This has allowed the subsidiary to assemble a portfolio of underutilized lifestyle destinations and maximize their potential through value-add, experiential redevelopment projects. The platform’s portfolio size has grown substantially in the last four years under the leadership of Perry.

Cincinnati-based North American Properties will continue to own and operate real estate through its other affiliates and manage investments across its wide-ranging venture portfolio. The company will also continue to be an investor in the platform’s six owned assets.

“Since we founded the Atlanta office 28 years ago, the team has built a great platform for the communities and partners it serves,” said Tom Williams, CEO of North American Properties. “Finding a like-minded partner in Jamestown is a great outcome for our people, and we look forward to continuing to invest in real estate alongside them.”

About Jamestown

Jamestown is a design-focused, vertically integrated real estate investment manager and service provider with over 40 years of experience and a mission to create places that inspire. Since its founding in 1983, Jamestown has executed transactions exceeding $40 billion. As of June 30, 2024, Jamestown has assets under management of $11.7 billion and a portfolio spanning key markets throughout the U.S., Latin America, and Europe. Jamestown employs approximately 500 people worldwide with 12 global offices, including headquarters in Atlanta and Cologne. Current and previous projects include One Times Square and Chelsea Market in New York, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, the Innovation and Design Buildings in Boston and Lisbon, and Groot Handelsgebouw in Rotterdam. For more information, visit www.jamestownlp.com.

About North American Properties

Founded in 1954, North American Properties (NAP) is a privately held, multi-regional real estate company that develops, manages, and invests in real estate. The company’s projects include multifamily and student housing, mixed-use spaces, retail and grocery-anchored shopping centers, hotels, offices, industrial, and condominium developments across the United States. For more information visit naproperties.com.

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