Hines, Morgan Stanley Grab Atlantic Station Retail Village For $200M
Hines—in a partnership with a Morgan Stanley investment fund—have made it official with Atlantic Station. As we first reported here, Hines and Morgan Stanley's $4.9B PRIME diversified core real estate fund have purchased the retail cluster of the Midtown mini-city from North American Properties and CBRE Global Investors for about $200M. That's more than double the more than 500k SF of retail space's price when NAP picked it up in 2010 for a reported $80M, which was part of the overall $173M price tag the duo paid for all of Atlantic Station. Officials with Hines and with NAP, including spokesman The Wilbert Group's Tony Wilbert, declined to comment. Hines, of course, dove into the Atlantic Station project earlier this year when it acquired a site off 17th Street for a 220k SF retro-looking office building that will target tech companies. [AJC]
