Atlantic Station has new owners, master developer

The sale of Atlantic Station has been completed, bringing a new master developer to the mixed-use complex.

The sale means Los Angeles-based CB Richard Ellis Investors, a firm with deep financial resources, will determine the future of a 14-acre undeveloped parcel.

CBRE purchased a 7,000-space parking garage and the 14 acres on its own, and partnered with Atlanta-based North American Properties to buy much of the retail center, which North American will manage.

“It’s very unique and rare to find a master-planned, 150-acre development in the United States,” said Vance Maddocks, president of CBRE Strategic Partners US.

Previous master developers -- including Atlanta's Jacoby Development and international firm AIG Global -- planned for additional office towers or a hotel. Maddocks said his firm has "no plans" to build new towers.

The seller was AIG Global, a subsidiary of the insurance giant. CBRE declined to release details of the sale, which closed Dec. 31.

Maddocks said his company plans to invest significantly in the retail center, although he gave no details.

As part of the sale, CBRE bought the BB&T office building on 17th Street and earlier bought two apartment buildings in the project, Icon and Park District.

About the Author

Rachel Tobin

Norfolk Southern and Union Pacific shareholders OK merger. Here’s what’s next.

The proposed mega-railroad company would be headquartered in Omaha, Nebraska, sending anxiety through the company's Atlanta ranks, where Norfolk Southern is based.