“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.