The retail town center at Atlantic Station has been sold.
North American Properties and CBRE Global Investors sold the main cluster of shops and restaurants to an investment fund, a person with knowledge of the situation said Thursday. Real estate and investor services firm Hines Interests will operate the retail center on behalf of the investor.
A person with knowledge of the situation said the retail center sold for about $200 million. Hines did not immediately have comment on the sale.
Atlantic Station, a mix of retail, residential and high-rise office buildings just west of the Downtown Connector, is one of metro Atlanta’s most visible projects. It also has a hotel and an IKEA store and hosts events such as an annual pro tennis tournament and Cirque du Soleil shows.
The property sold does not include buildings occupied by Publix, Dillard’s, Target and IKEA, nor the office towers or hotel on site.
North American and CBRE Global Investors acquired the town center, office space and several development sites for $173 million in 2010. The retail portion represented in the sale to Hines was acquired then for about $80 million, meaning the value of the retail town center more than doubled in five years.
Read more about this developing story later today at MyAJC.com or in Friday’s print edition of The Atlanta Journal-Constitution.