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The Avalon mixed-use development in Alpharetta has been sold.
An arm of Prudential Financial acquired the mini-city along Ga. 400 and Old Milton Parkway, the company said Monday in a news release. Terms were not immediately known.
The 86-acre master planned community includes Class-A office space, luxury apartments over high-end retail, a Whole Foods Market and Regal Cinemas and more than 100 single-family homes. A second phase including additional apartments, an office tower and a hotel and conference center is currently under construction.
The release said the Prudential unit, PGIM Real Estate, is acquiring the core retail, office space 250 apartments and a 3.3-acre tract slated for offices. The company also plans to acquire the second phase of the development.
“Avalon is one of the premier mixed-use development projects in the United States,” Kevin R. Smith, head of Americas at PGIM Real Estate, said in a news release. “The acquisition provides our investors with a rare opportunity to acquire a trophy-quality mixed-use property in a strong demographic area, and is consistent with PGIM Real Estate’s strategy to acquire experiential retail centers in markets that are poised to continue to benefit from an increase in consumer discretionary spending.”
Avalon, which was developed by North American Properties, was the second act for a site that was previously envisioned as Prospect Park by another development group. That development was scuttled by the recession before North American and investment partners acquired the site and set about crafting a new vision of a walkable mini-city just east of Alpharetta's downtown.
More as this story develops.
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