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Cornelius News

North American Properties buying Birkdale Village

Oct. 19. By Dave Yochum. Birkdale Village will be sold to North American Properties for an undisclosed amount, according to sources. The 66-year-old North American has developed more than $7 billion in properties, including 22 million square feet of commercial space and 19,000 residential units in 15 states.

The mixed-use project in Huntersville is apparently in store for a makeover inspired by North American’s highly successful Avalon development in Alpharetta, Ga.

Neither officials at North American nor Birkdale Village, which is owned by Nuveen/DDRTC Birkdale Village LLC, responded for comment.

However, the deal is expected to close soon.

Value over $120 million

The various real estate parcels that comprise Birkdale Village are valued in excess of $120 million, according to Mecklenburg County tax records. There are several retail spaces available for lease; office space is fully leased.

North American, which is headquartered in Cincinnati, has recently launched 36 projects totaling $2.2 billion in capitalization.

Avalon is a trendsetter in mall development

In metro Atlanta, North American Properties developed Avalon, an 86-acre mixed-use project with more than 500,000 square feet of retail, a multi-screen theater, conference center and a full-service hotel, Class A office and residences, including luxury rental homes.

The project infuses resort-level hospitality throughout a walkable, connected community with shopping, dining, entertainment, living and working.

Birkdale Village has a similar dynamic on a smaller scale.