Hines to Serve as Asset and Property Manager
(ATLANTA) – Hines, the international real estate firm, on behalf of an institutional investor, closed on the acquisition of Town Center at Atlantic Station in Midtown Atlanta. Hines will serve as asset and property manager of the premier Atlantic Station retail center.
“Town Center at Atlantic Station is a key addition to our growing retail portfolio and marks our commitment to acquire, operate and add value to retail assets across the U.S. and internationally, on behalf of Hines funds and key investors,” said Hines Managing Director Kenton McKeehan, who leads the firm’s Retail Resources Group.
The sale comes as Atlantic Station is poised to celebrate its 10th anniversary. The 586,000-square-foot Town Center at Atlantic Station anchors a mixed-use development, situated on the former Atlantic Steel site, which also includes three Class A office towers, several multifamily communities, a full-service hotel and freestanding Ikea, Target and Dillard’s locations.
“We are already active and dedicated to the Midtown Atlanta submarket, and we look forward to continue positioning Atlantic Station as the model for experiential, mixed-use communities,” said Kurt Hartman, senior managing director of Hines’ Southeast Region. “Hines will build on the momentum created by CBRE Global Investors and North American Properties (NAP) and ensure that Atlantic Station remains a compelling shopping and dining destination, as well as a community gathering place.”
CBRE Global Investors acquired Town Center at Atlantic Station in 2010 with NAP. NAP instituted a code-of-conduct policy, a re-merchandising plan and community event program to turn Atlantic Station into a desirable place to live, work and play. Over the past five years, 34 new leases were signed and hundreds of signature community events were hosted.
“We poured our hearts and souls into the turnaround of Atlantic Station, and while it’s bittersweet, we are happy and proud to leave her in the very capable hands of Hines,” said Mark Toro, managing partner for NAP.
Hines formed the Retail Resources Group to expand the firm’s retail depth and expertise, and to assist company-wide retail development, acquisition and redevelopment efforts. Since the 1970s, Hines has been responsible for the development, acquisition and management of more than 23 million square feet of retail space around the world, including almost 10 million square feet in the last four years.
Hines’ Atlanta-based Southeast Regional office has completed, acquired or owns/manages more than 25 million square feet of real estate including 1180 Peachtree, the Atlanta Financial Center, One Atlantic Center, One Ninety One Peachtree Tower, the planned 205,000-square-foot timber-framed office building at Atlantic Station and the planned 220,000-square-foot office tower at Avalon in Alpharetta.
Key members of center management, including General Manager Barbara Garrett and Director of Marketing Daniel Easton, will remain in place at Atlantic Station, ensuring a seamless transition as it continues to offer the Midtown community a premier live, work, play experience. Events such as Cirque du Soleil and the Annual Lighting of Atlantic Station will continue as planned.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Atlantic Station:
A national example for sustainable mixed-use communities, Atlantic Station transformed an abandoned industrial site into a thriving entertainment district at the heart of Atlanta’s vibrant Midtown neighborhood. Opened in 2005, Atlantic Station is home to some of Atlanta’s most popular restaurants, retailers such as H&M and Dillard’s and leading employers such as Wells Fargo, Ogilvy & Mather and BB&T. Atlantic Station each year hosts dozens of community gatherings, charity walks and neighborhood forums. Susan G. Komen Atlanta Race for the Cure and other events at Atlantic Station have raised more than $50 million for Atlanta charities since 2005. In July 2013, 2014 and 2015, Atlantic Station hosted the BB&T Atlanta Open. A national leader in consumer engagement and technology, Atlantic Station has the No. 3 most followed Twitter feed among U.S. retail centers. For more information, visit Atlantic Station online at http://atlanticstation.com, on Twitter at www.twitter.com/atlanticstation, on Instagram at https://instagram.com/atlanticstation/ or on Facebook at www.facebook.com/AtlanticStation.