JLL announced that it has closed the sale of Alpharetta City Center, a unique heritage-based, mixed-use residential and retail property in downtown Alpharetta, Georgia.
JLL marketed the asset exclusively on behalf of the sellers, South City Partners and Morris & Fellows. CBRE Global Investors purchased the property on behalf of a separate account client.
Alpharetta City Center consists of 82,700 square feet of high-end boutiques and chef-driven restaurants and 168 elite residences finished to bespoke quality within a multi-housing community called Amorance. The property is adjacent to Alpharetta City Hall, the Fulton County Library, Brook Street Park and Town Green, and is the trailhead of the new Alpha Loop trail system. Designed to blend with the historical architecture in downtown Alpharetta, the project contains three components.
Amorance, developed by a partnership of South City Partners and Morris & Fellows, is a two-building luxury community with a mix of one- and two-bedroom floor plans, averaging 1,067 square feet. Completed in 2018, the property features a penthouse-level clubroom with outdoor patio, catering kitchen and communal living room with fireplace and TV; pool courtyard with grilling area, fire pit and lounge seating areas; and expansive fitness center with yoga and spin rooms.
The District, a 41,650-square-foot collection of local boutiques and luxury service providers sits at street level below the apartments.
The Gardens, developed by Morris & Fellows, houses 41,050 square feet of chef-driven restaurants in two and a half acres of parks and green spaces spanning three city blocks of Main Street. The retail and restaurants are 100 percent leased.
The JLL Capital Markets team representing the seller was led by Managing Directors David Gutting, Margaret Caldwell (now with Arden Capital Advisors) and Derrick Bloom and Vice President Margaret Jones.
“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,” Gutting said.
“As we anticipated, Alpharetta City Center received significant interest from institutional investors,” Caldwell added. “This is the type of trophy asset that most investors want in their portfolio due to the location, high-end residential, boutique retailers and local restaurants.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
