NAP Secures $126M For M-U Development in Alpharetta, Ga.
- Aug 19, 2013
North American Properties, in a joint venture with Sarofim Realty Advisors, has secured 126.5 million in financing for Phase I of Avalon, a mixed-use development in Alpharetta, Ga.
Financing included an $86.5 million syndicated senior loan by Wells Fargo Bank and Bank of America accompanied by a $40 million mezzanine loan provided by JP Morgan Asset Management.
Located at 2800 Old Milton Parkway, Avalon will consist of more than 500,000 square feet of high-end shops and restaurants, for sale and rental residences, hotels and office space on 86 acres.
“Avalon is a place to ‘be,’ not a place to ‘go.’ Providing an experience unlike any other in the region, shoppers, diners, moviegoers, office workers, residents and hotel guests will be invited to ‘dwell,’ adding energy throughout the day,” Mark Toro, NAP’s managing partner, told Commercial Property Executive. “We believe that the future of retailing requires that it be highly animated, providing an experience to our guests, an experience they cannot have sitting at their computer screen or shopping on their phone of their tablet.”
Phase I of the Southeast’s preeminent experiential development is underway, with vertical construction beginning one month ahead of schedule. It is expected to open in October 2014.
According to Toro, it has preleased 75 percent of the retail space in Phase 1 to America’s best retailers and restaurants.
“The North Fulton community offers retailers and restaurants some of the most high-income, and discriminating, households in the entire United States,” Toro said. “These households have inordinately high disposable income and they are worldly, having experienced shopping and dining environments in New York, Paris and Milan.”
Currently, Avalon’s Phase I retail space is 75 percent leased, with retailers including Anthropologie, Arhaus, Athleta, Banana Republic, Bocado Burger Bar, Cru Food and Wine, Destination Maternity, Dry Bar, Everything But Water, Fab’rik, a new Chef Ford Fry concept, Flywheel, GAP, Gymboree, Kona Grill, Lululemon, Luxury Nail Spa, Marlow’s Tavern, Mitchell Gold + Bob Williams, Orvis, Paper Source, Pinkberry, PNC Bank, Regal Cinemas, Ted’s Montana Grill, Van Michael Salon and Whole Foods.
Also recently signed on are Giovanni Di Palma’s Antico Napoletana, Bantam + Biddy by Chef Shaun Doty, Tommy Bahama, Vineyard Vines, Exhale Spa, West Elm, Kinnucan’s Specialty Outfitter, Sage Boutique, Free People, Janie and Jack, C. Wonder and L’Occitane.
Monte Hewett Homes and Atlanta Fine Homes Sotheby’s International have teamed to design, build and sell 101 single-family homes, expected to be available in the summer of 2014. Additionally, 250 luxury rental homes will be built above the retail and will be available for occupancy in January 2015.
As part of Phase II, a boutique hotel will be located over retail, and plans for a conference center and full-service hotel are also in the works.
The community will utilize an all-fiber-optic smart infrastructure design known as “Fiber-to-the-Premises” technology, to deliver Internet speeds over 100 times greater than typical offerings, along with digital HD television and VOI technology.
Pre-leasing for the Phase II luxury retail expansion, scheduled to open in Fall 2015, is underway.