North American Properties secures new tenants as part of ongoing repositioning strategy

During the Cobb County Board of Commissioners hearing held on June 21, North American Properties (NAP) gained unanimous and unopposed approval to move forward with its redevelopment of Avenue East Cobb (AEC). The developer will now begin the permitting process and aims to host a community-wide groundbreaking celebration later this fall.

Originally opened in 1999 as one of the first outdoor, pedestrian-friendly lifestyle centers in the US, NAP entered a joint venture partnership with PGIM Real Estate, the real estate investment and financing business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU), last July to reposition AEC as the community’s third place. NAP’s redevelopment vision focuses on engaging the public realm and elevating the overall guest experience through an infusion of five-star hospitality and experiential programming.

Plans call for a portion of the central building near Kale Me Crazy to be demolished to make way for an 8,000-square-foot Plaza surrounded by restaurants with vibrant patios to increase street-level energy. Other features slated for The Plaza include a covered, raised stage for performances, an LED screen for broadcasting live events, and a deck with soft, flexible seating. Once complete, The Plaza will play host to AEC’s 100+ annual, community-driven events. When it’s not activated, guests can also utilize the open-air space to lounge and mingle with their neighbors.

Connected to The Plaza will be a 500-square-foot Concierge building where guests will have access to resort-level services such as dining reservation assistance and optional valet, which will be offered seasonally as well as during large-scale events. The building will also feature a roof extending over a drive aisle to allow for covered vehicle drop-offs. In addition, two 2,500-square-foot jewel boxes – standalone retail/restaurant spaces – will be constructed adjacent to Concierge.

“This project has been a long time coming and we are grateful to the Cobb County Board of Commissioners as well as local residents for supporting our vision,” said Mike Lant, senior vice president of development at NAP. “For over two decades, Avenue East Cobb has served as a staple in the community, but now it’s time for the property to be redefined into a social gathering hub that inspires a new generation of memories.”

Year One in Review

Post-acquisition, NAP initiated its signature pre-development strategy and began preparing the site for construction while working closely with the city to define and refine its proposal.

Upon taking over management duties, NAP’s corporate operations team, led by Director of Operations Michael Saadalla, identified several immediate areas for physical improvement and implemented new processes such as daily pressure washing and street sweeping; installed property-wide music; and upgraded the landscaping. The team also implemented a new daily operation structure and regulated tenant hours to be consistent with one another; hosted hospitality training for all departments; increased security and housekeeping hours and hired a dedicated maintenance employee; instituted a uniform staff dress code; and worked with existing tenants to complete much-needed spatial repairs.

Simultaneously, NAP’s corporate marketing team, led by Director of Marketing Sara Hemmer, completed a comprehensive rebrand strategy, including the creation and application of a new logo, website, and social media channels. Consistent event programming was rolled out last fall, too, with over 75 activations, attracting an average of 80+ attendees each, being hosted to date.

The permanent onsite management team has also been established, with Melissa Jones, former assistant general manager of Avalon, at the helm as general manager, Madison Murphy as marketing manager, Erica Cunningham as social media and community coordinator, and Kelly Skinner as administrative assistant.

Merchandising Updates

Brooke Massey, senior leasing representative at NAP, is focused on refreshing AEC’s tenant mix with relevant fashion brands and chef-driven restaurants. The latest concepts to join the property’s merchandising lineup include Kendra Scott, which opened in June under a one-year pop-up agreement, and Vanilla Café, a family-owned coffee and sweets eatery.

Legacy tenant Hand & Stone is now under new ownership and relocating next to Loft to allow for the construction of a new restaurant with a Plaza-facing patio. Owner Suresh Vanukuru is doubling the spa’s footprint to 4,500 square feet and refreshing the overall aesthetic to better accommodate locals.

New retailers coming to AEC include:

  • Warby Parker – Launched as an online retailer in 2010 and expanded to brick-and-mortar in 2013, Warby Parker offers high-quality eyeglasses, sunglasses, contacts, and eye exams at an affordable price. Its innovative home try-on program also offers consumers the option to test up to five pairs before purchasing, and for every pair of glasses sold, a pair is distributed to someone in need. Warby Parker will open at AEC this November in an 1,800-square-foot space across from Panera Bread, marking its fifth Georgia location.
  • New York Butcher Shoppe – A full-service butcher shop, specialty grocer and wine bar, NY Butcher offers hand cut steaks, poultry, fresh seafood, salads, dips, wine and more available for dine-in or takeout. The 2,500-square-foot location at AEC will also feature the concept’s first-ever wine bar and is expected to open in November next to J. Jill.
  • Tempur-Pedic – This manufacturer and distributor of sleep products is opening a 2,800-square-foot showroom at AEC between NY Butcher and High Country Outfitters next spring. The state-of-the-art store will carry the widest selection of genuine Tempur-Pedic® products, including mattresses, adjustable bases, pillows, sheets, and more. Visiting a Tempur-Pedic® Store ensures you get the full Tempur-Pedic® sleep experience for truly life-changing sleep.

“As more young families continue moving away from bustling city centers and into suburban communities, destinations like Avenue East Cobb are becoming more attractive to brands seeking to appeal to this demographic,” said Massey. “We’ve been gaining a lot of leasing momentum over the past several weeks, and now with the necessary approvals in place, we’re full steam ahead.”  

 To stay in the know on updates at AEC, follow the lifestyle center on Facebook, Instagram and Twitter, or visit the website.

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About Avenue East Cobb

Originally opened in August 1999 as one of the first outdoor, pedestrian-friendly retail developments, Avenue East Cobb is a 30-acre lifestyle center located in affluent Marietta, Georgia. For over 20 years, the center has served as a key shopping and dining destination for residents of Cobb County, offering a collection of 44 retailers and restaurants. In July 2021, North American Properties (NAP) entered a joint venture partnership with PGIM Real Estate to reposition the open-air lifestyle center by enhancing the guest experience and creating a modern gathering place for the community. NAP now oversees management and leasing of Avenue East Cobb. 

About North American Properties Atlanta

Headquartered in Cincinnati, Ohio, North American Properties (NAP) established its Atlanta office in 1996 to focus on retail real estate. Today, NAP Atlanta (NAPA) has evolved into a boutique, full-service owner/developer specializing in value-add, opportunistic investments of underappreciated mixed-use assets. Applying a hands-on, high-touch approach toward management, NAPA doesn’t build shopping malls or lifestyle centers, it transforms destinations into magnets of social experience. Ever-engaged with local municipalities, nonprofits and tastemakers, NAPA plants roots in every market it serves – creating lasting, community-driven bonds. Its carefully curated, hospitality-infused portfolio currently includes Avalon in Alpharetta, Ga.; Avenue East Cobb in Marietta, Ga.; Birkdale Village in Huntersville, N.C.; Colony Square in Midtown Atlanta; Newport on the Levee in Newport, Ky.; Ridge Hill in Yonkers, N.Y.; Riverton in Sayreville, N.J.; and The Forum in Peachtree Corners, Ga. For more information, visit leasing.naproperties.com. 

About PGIM Real Estate

As one of the largest real estate managers in the world with $209.3 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.

About PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world3, with $1.4 trillion in assets under management as of March 31, 2022. With offices in 17 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.

1 As of December 31, 2021, net AUM is $137.9 billion and AUA is $45.9 billion.

2 Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.