Brookhaven, GA, August 15, 2015 – The Post Reports – GLL Real Estate Partners has reportedly purchased the Town Brookhaven development for $162 million.
Sembler Corporation developed Town Brookhaven in a joint venture with Bell Partners in 2010. The 54-acre site was formerly Peachtree Garden Apartments.
In 2008, the DeKalb Development Authority approved a controversial ten-year graduated tax abatement for the project to make it easier for the developers to get the project underway – eventually opening for business in 2011.
Sources close to the deal told The Post that Sembler saw a good opportunity to sell before they have to pay the full tax load that has been increasing yearly under a PILOT (Payment in lieu of Taxes) program. This was also a good time to sell because occupancy is at nearly 100% for the first time in the developments history, and, they could get the best price.
Town Brookhaven has attracted several familiarly named tenants such as AT&T, Marshalls, LA Fitness, Publix and Costco and is said to be leased at 96% of capacity.
The new owner is based in Munich, Germany with offices in Europe and North and South America. In total, Town Brookhaven consists of approximately 460,000 square feet of retail and restaurants, approximately 20,000 square feet of office, as well as more than 700 residential units.