The multi-family residential and retail components of Alpharetta City Center have been sold by their developers to CBRE Global Investors. The deal was announced by JLL Capital Markets, which represented the sellers, South City Partners and Morris & Fellows.
CBRE purchased the properties on behalf of a separate account client, JLL said. The announcement did not disclose the price. Information: https://bit.ly/2n3qari
The sale consisted of the 168 luxury apartments in Amorance, a two-building residential property; 41,650 square feet of high-end boutiques and service providers in The District; and 41,050 square feet of restaurants in The Gardens. The retail and restaurant properties are 100 percent leased, JLL said.
Alpharetta City Center is a 26-acre mixed-use project developed in partnership with the city of Alpharetta. Other components are a new City Hall, new Fulton County library, Brook Street Park, Town Green, 445-car parking deck, corporate headquarters of DataScan, and “Voysey,” a Hedgewood Homes neighborhood of 42 single-family homes.
“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,” said JLL Managing Director David Gutting.
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