Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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AVALON 300 • SHOPPING CENTER BUSINESS • May 2017 incorporate hospitality features, particu- larly companies that are focused on sales. Having this hotel and conference center within walking distance is really up their alley. Those are the tenants that can afford this kind of real estate." DON'T ROLL THE CREDITS JUST YET North American Properties sold the first phase of Avalon in the summer of 2016 to PGIM Real Estate. The company will also purchase Boulevard East from North American Properties later this year for an undisclosed price. Toro says that North American Prop- erties has gone to great lengths to create synergy between the varying elements of Avalon's two phases, something that the company learned from its time as owner of Midtown Atlanta's Atlantic Station. "When we bought Atlantic Station, one of the challenges we had was the owner- ship of the different elements there wasn't knit together," says Toro. "At Avalon, ev- erywhere you look there's an underlying theme across the entire development, it's seamless. The Avalon concierge will work with Microsoft on an issue, regardless of the ownership of the 8000 Avalon. Each individual owner within Avalon pays in so they're invested to work together." While currently welcoming office ten- ants at 8000 Avalon, Hines and Cousins Properties are also planning a 10-story office building situated behind the first office building. Heagy says that the devel- opers want to build off the momentum of Avalon and the greater Alpharetta area. "There's another wave of office build- ings being built as a result of what's happening here at Avalon," says Heagy. "That's why we want to get 10000 Avalon built as quick as possible." Transit is a critical component to at- tracting new business, whether its retail, office or residential. Toro muses that Ava- lon has the perfect site for an extension of MARTA, Atlanta's mass transit line that hasn't quite made its way to the north Fulton area yet. The hypothetical station would connect Avalon's office tenants, hotel guests, conference goers, residents and retail and restaurant patrons directly to Hartsfield-Jackson Atlanta Internation- al Airport. "There is a perfect site for a new MAR- TA station on our site," says Toro, refer- ring to a spot behind the upcoming hotel and conference center. "It's owned by the City of Alpharetta, which is ideal." SCB A look from Boulevard East at the first phase of Avalon, which features end cap space leased to Tesla and Mitchell Gold + Bob Williams. L E A S I N G | I N V E S T M E N T S A L E S | M A N A G E M E N T w w w . c r o s s m a n c o . c o m throughout the Southeast Marketing 28 MILLION SF in 370 shopping centers Meet us at our booth SMR221 during RECon LIC Real Estate Broker Fort Lauderdale Clearwater Orlando Mobile Savannah Birmingham Huntsville Chattanooga Knoxville Fayetteville Clarksville Winston- Salem Greensboro Durham Augusta Athens Chesapeak Newport News Hampt Columbus Hialeah Hollywood Cape Coral Coral Springs Saint Petersburg Miami Gardens Brandon Pembroke Pines Norf Portsmouth Arlington Miami Tampa Jacksonville Charlotte Memphis Richmond Raleigh Nashville Columbia Atlanta Montgomery Tallahassee 40 65 75 24 75 81 40 85 26 77 73 95 40 20 95 26 85 77 59 75 20 16 75 95 20 85 65 10 4 75 95 64 81 64 81 85 95 V I R G I N I A A L A B A M A S O U T H C A R O L I N A T E N N E S S E E N O R T H C A R O L I N A G E O R G I A F L O R I D A Like Avalon's first phase, the second phase (pictured) will feature residential, retail and restaurant space.

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