Real Estate Notebook: Brookfield steps away from North Point
By ATLANTA BUSINESS CHRONICLE
ATLANTA, GA – In the midst of a makeover to the sprawling development that was supposed to create a more urban mixed-use environment, the owner of Alpharetta’s North Point Mall has transferred the property back to the lender for $202 million through a deed in lieu of foreclosure, real estate records show.
The decision underscores pressure mall owners feel to keep their properties vibrant amid the COVID pandemic and the acceleration within the U.S. retail sector toward e-commerce.
A real estate affiliate of the mall’s owner Brookfield Properties reached the agreement on Jan. 1 to transfer the mall back to New York Life Insurance Co., according Fulton County property records. The current agreement is linked to a $250 million loan that New York Life originated eight years ago, as Atlanta continued to emerge from the Great Recession. General Growth was originally on the hook for that debt, according to a security deed. The loan was set to mature in September 2026. In 2018, Brookfield reached a deal to buy General Growth, creating a global real estate giant.
Trademark Property Co., a Fort Worth, Texas real estate services company, announced it has been “engaged to manage, lease and evaluate redevelopment” for the 1.3-million-square foot mall. Jeff Johnson, an executive vice president with Trademark, said in a release that Alpharetta and north Fulton are experiencing “immense growth.” Trademark will work with the city of Alpharetta, mall tenants and other stakeholders to transform North Point for “long-term success.”
Turning a dragway into housing
Ownership of a more than 300-acre racetrack in Commerce, Ga. is putting the property on the market, signaling the potential for increased housing demand sparked by the expansion of a massive South Korean battery plant.
The National Hot Rod Association is listing the 318-acre dragway and surrounding land for sale. Commerce is expecting explosive growth from the ongoing…
