ATLANTA, GA – JLL announced today that it has closed the sale of Alpharetta City Center, a unique heritage-based, mixed-use residential and retail property in downtown Alpharetta, Georgia.
JLL marketed the asset exclusively on behalf of the sellers, South City Partners and Morris & Fellows. CBRE Global Investors purchased the property on behalf of a separate account client.
Alpharetta City Center consists of 82,700 square feet of high-end boutiques and chef-driven restaurants and 168 elite residences finished to bespoke quality within a multi-housing community called Amorance. The property is adjacent to Alpharetta City Hall, the Fulton County Library, Brook Street Park and Town Green, and is the trailhead of the new Alpha Loop trail system. Designed to blend with the historical architecture in downtown Alpharetta, the project contains three components.
Amorance, developed by a partnership of South City Partners and Morris & Fellows, is a two-building luxury community with a mix of one- and two-bedroom floor plans, averaging 1,067 square feet. Completed in 2018, the property features a penthouse-level clubroom with outdoor patio, catering kitchen and communal living room with fireplace and TV; pool courtyard with grilling area, fire pit and lounge seating areas; and expansive fitness center with yoga and spin rooms.
The District, a 41,650-square-foot collection of local boutiques and luxury service providers sits at street level below the apartments.
The Gardens, developed by Morris & Fellows, houses 41,050 square feet of chef-driven restaurants in two and a half acres of parks and green spaces spanning three city blocks of Main Street. The retail and restaurants are 100% leased.
The JLL Capital Markets team representing the seller was led by Managing Directors David Gutting, Margaret Caldwell (now with Arden Capital Advisors) and Derrick Bloom and Vice President Margaret Jones.
“Alpharetta City Center was a unique opportunity for an investor to own the impossible – an irreplaceable slice of Downtown Alpharetta that will continue to appreciate dramatically throughout CBRE Global Investors’ ownership,” Gutting said.
“As we anticipated, Alpharetta City Center received significant interest from institutional investors,” Caldwell added. “This is the type of trophy asset that most investors want in their portfolio due to the location, high-end residential, boutique retailers and local restaurants.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About South City Partners: South City Partners is a fully integrated multi-family development company focused on creating extraordinary residences in distinctive communities while providing its partners with solid returns. South City is founded by friends Mark Randall and John Long, who share a keen eye for quality design, flawless execution and a history of creating and empowering great teams that build highly regarded projects and communities. South City, formed in 2011 is headquartered in Atlanta, Georgia.
Morris & Fellows: Founded in 1980 by Cheri Morris, Morris & Fellows initially guided investors, institutions and city governments on strategic planning of retail-based commercial real estate. In 2000 the firm began developing upscale mixed-use communities on its own behalf. Over the years, the firm worked on some of the western hemisphere’s most noteworthy properties, including Colonial Williamsburg, Georgetown Park in Washington D.C., Toronto’s Eaton Centre, Tyson’s Corner, Rosemary Beach, Lime Grove in Barbados, and The Summit in Birmingham. Current projects include Woodstock City Center and Alpharetta City Center, both structured as public/private partnerships with their host cities.
About CBRE Global Investors: CBRE Global Investors is a global real asset investment management firm that sponsors investment programs across the risk/return spectrum for investors worldwide. CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit cbreglobalinvestors.com
About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com