North American Properties closed on the Forum purchase on Friday
About a month after it was known that The Forum on Peachtree Parkway was being sold, the new owner closed on the property Friday, March 18, according to news reports.
North American Properties, a privately held, multi-regional real estate operating company that is known for several Atlanta-area developments such as the revitalization of Atlantic Station and the development of Avalon, a mixed-use property in Alpharetta, is the new owner. According to the company website, it has acquired, developed and managed more than $5 billion in retail, multifamily, mixed-use and office properties across the United States.
With nearly 500,000 square feet of space sitting on more than 53 acres, the once-bustling retail center has been a victim of the current downward trend in retail spaces. Gourmet foodie paradise Williams-Sonoma and affordable women’s wear shop Dress Up were among the most recent tenants to leave the Peachtree Corners site.
But new leases are coming in as well. A new location of Chopt, a national create-your-own salad franchise is set to open in November, according to published news reports. The fast-casual eatery is expected to be about 2,500 square feet and seat about 50 – not including outdoor seating, according to a news report.
As the largest city by population in Gwinnett County and home to an internationally recognized technology hub, Peachtree Corners may be an ideal spot for retail development revitalization. Adding to its attraction, the Forum is situated along one of the busiest roads in the area and is in a ZIP code with a higher-than-average median income of $71,149, according to 2019 government data.
Social media was electrified by the news.
Posters were glad to see someone taking interest in the aging structure.
“Very happy to hear! A family-friendly restaurant would be welcomed and a good ice cream shop,” wrote one commenter.
Another patron held out hope that The Forum will get its spark back.
“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. … Overall, it is still a nice center, but just not as attractive as it once was.”
The City of Peachtree Corners posted a news article on The Forum’s Facebook page.
“Congratulations to North American Properties on their purchase of The Forum and their plans to bolster existing storefronts with higher-end services, restaurants, and entertainment options,” read the accompanying caption.
