GLOBAL - CB Richard Ellis Investors has acquired Atlantic Station in Atlanta, Georgia, from insurer AIG for its fifth US opportunity fund.
Atlantic Station is a 138-acre, master-planned, mixed-use project in Midtown Atlanta, home to mixed-use real estate assets, including shopping, entertainment, office and residential.
The acquisition includes 271 17th Street, a 534,000-square-foot trophy office building, a parking garage with nearly 7,000 spaces and land comprising 14.25 acres.
Atlantic Town Center, the 586,000 square foot retail centrepiece of Atlantic Station, has also been acquired in a joint venture between CBRE Investors and North American Properties, an Atlanta-based retail operator.
The purchase of the office, land and retail properties was made on behalf of the CBRE Strategic Partners US Opportunity 5 Fund, a closed-end, commingled private equity real estate fund raised from institutional investors.
As a result of the acquisition, CBRE Investors will become the master developer of Atlantic Station.
This acquisition builds upon CB Richard Ellis Investors' recent multi-family investments in the area - the firm acquired Icon and Park District, two trophy-quality multi-family apartment communities in Atlantic Station, in November.
Vance Maddocks, president of CBRE Strategic Partners US, said: "We have a vision for Atlantic Station to be Atlanta's premier centre for living, shopping, entertainment and business and are making a significant investment to execute a plan to fulfil that vision.