Hines to purchase mall in Atlanta
Hines is under contract to purchase Town Center at Atlantic Station in Atlanta. An official statement has not been released; however, Real Capital Analytics estimates the price to be $200 million.
The sellers, North American Properties and CBRE Global Investors, placed the 586,296-square-foot retail property on the market in May 2015. CBRE and North American acquired Town Center at Atlantic Station in 2010 for approximately $90.3 million.
The retail portion is part of the Atlantic Station, which is a 138-acre, mixed-use development in Midtown Atlanta featuring a 24-hour live-work-play environment that includes more than 15 million square feet of retail, office, residential and hotel properties. Town Center at Atlantic Station hosts more than 300 annual events.
The Town Center is 91 percent occupied. Major tenants include Publix, H&M, LA Fitness, Regal Cinema and Ikea.