Friday, March 18, 2022

[EXCLUSIVE] North American Properties to Acquire The Forum on Peachtree Parkway

The Forum on Peachtree Parkway will soon have a new owner.  Several real estate sources tell ToNeTo Atlanta that North American Properties (NAP) is expected to close on the purchase of The Forum today (March 18).  The property, developed by Stan Thomas and his Thomas Enterprises, opened in two phases between 2002 and 2006 and spans nearly 500,000 square feet over more than 53 acres.  The Forum is currently home to anchors such as Belk, Barnes & Noble, Trader Joe's, Pottery Barn, DSW, and HomeGoods, as well as countless small shops and eateries.  

Cincinnati-based North American Properties, which gained attention in metro Atlanta after their remerchandising of Atlantic Station, development of Avalon in Alpharetta and more recently, their "reimagination" of Colony Square in Midtown, purchased Avenue East Cobb in Marietta this past July.  Avenue East Cobb, which opened in 1999, is significantly smaller than The Forum, spanning 230,000 square feet over 30 acres.  

Despite the size difference, NAP's formula will likely be very similar.  Striving to replicate the success the firm experienced at Avalon (originally planned as Prospect Park from then owner Stan Thomas), plans at The Forum will likely include the addition of a central event lawn surrounded by restaurants with patios that increase connectivity and encourage patrons to linger. It will also likely introduce its "resort-level" concierge program and community event lineup to elevate the experience and better engage with the surrounding neighborhoods.  

ToNeTo Atlanta reported earlier Friday that a new location of salad shop Chopt will open in a portion of the former Atlanta Bread in the center.  NAP will likely aim to attract other "trendy" and local eateries to the complex as they upgrade the tenant mix.  Another vacancy that could create opportunity is the former Williams Sonoma, which, like its sibling location at Lenox Square, closed this past January.  

Birmingham's Bayer Properties, creators of The Summit Birmingham and The Summit at Fritz Farm in Lexington, Kentucky, among other properties, is currently managing The Forum, but will reportedly end their work when the sale closes.  

Boston-based AEW acquired The Forum in 2014 for $150 million from real estate investment firm Lubert-Adler Partners which had made equity and debt investments in the center in 2008.  

As is the case with many property owners, NAP is actively buying and selling assets.  It was revealed earlier this month that NAP plans to soon put Colony Square up for sale.  The firm spent $170 million acquiring the underutilized Midtown project at the end of 2015 and invested $400 million in a significant renovation and reconfiguring of the property that saw, among other things, the addition of new office space, a central lawn and gathering area, a food hall "Politan Row," iPic luxury movie theaters, and several other restaurants, Sweetgreen and Brown Bag Seafood among them.  

What would you most like to see added to The Forum on Peachtree Parkway?  Are you a fan of the huge bridge that connects The Forum to Peachtree Corners Town Center?  What is your favorite mixed-use development in metro Atlanta?

Please share your thoughts below.  


J said...

Nice, I hope they can revitalize The Forum. They have a few “draws” like Trader Joe’s, which is always busy. They need more unique shops like that.

The bridge gets decent use during moderate temperature and it looks cool. Hopefully as residential gets built up, it helps as well. I think there is a pending condo project right across from Trader Joe’s. And on the Town Center side, there was supposed to be apartments next to Chase, though I think that fizzled, so that is TBD of what it will be.

Meg Moore said...

I love sweet greens and chopt. More healthy eating options would be nice also a few more lower range stores, pottery barn and the like are pretty pricey. They have old navy and HomeGoods but an Ann Taylor Loft or Jcrew/Ralph Lauren outlet might be nice for those that can't afford high-end. Also Nike, Puma, or Adidas outlet for sport enthusiasts- everyone needs sneakers.

Anonymous said...

The bridge is useless. I'm not parking on one side of the street and shopping then dragging the stuff up and over the bridge.

Cvines88 said...

I would love to see an American Eagle and some kind of shoe store such as Rack Room Shoes.

Ham said...

Always enjoyed this place, but it does need a little attention. Some of the closures have made it less attractive especially the loss of Williams Sonoma. I also miss the old Orvis store. Also, nice to have a brick and mortar bookstore to browse in. Overall it is still a nice center, but just not as attractive as it once was.

Unknown said...

I would love for the Lululemon pop up show to become a full fledged Lululemon store. I was very sad to see Williams Sonoma close. The exit of high end shops form the Forum is disappointing for people who now hav to drive to Avalon to shop. I would love to see some more interesting restaurants at The Forum. Avalon has Rumi’s Kitchen, Farm to Ladle, Antico, Superica which are all high quality dining at different price points. These types of restaurants would be welcome additions!

Anonymous said...

I would love for Lululemon to be a permanent store. I would love for Athleta to come in and for it to be a shopping experience like the Avalon, where you can have a cocktail while you shop. The higher end restaurants would be great as well. Vineyard Vines would be nice as well.

Anonymous said...

I hope they will bring higher end, unique shops and restaurants (like Avalon)!

Related Posts Plugin for WordPress, Blogger...