Storefronts within TOWN/Brookhaven.
Storefronts within TOWN/Brookhaven.

TOWN/Brookhaven’s commercial property was purchased Aug. 11 by German investment firm GLL Real Estate Partners, according to a press release.

The sale price was $162 million, according to a source with knowledge of the deal.

“This is a high-quality retail asset with very strong leasing credentials in a prime location within one of Atlanta’s most affluent neighborhoods,” said GLL’s Christian Goebel in the press release.

TOWN/Brookhaven is a massive, 50-acre, mixed-use development at 4330 Peachtree Road in Brookhaven that opened in 2011. Its 460,000 square feet of commercial, retail and office space includes such anchor tenants as Costco and Publix.

GLL, based in Munich, Germany, purchased the commercial segment from the Sembler Company and Bell Partners.

The GLL press release describes the property as an “Atlanta retail trophy.”

The residential part of the development includes roughly 950 units, with hundreds more on the way.

TOWN/Brookhaven’s development was controversial when it was first announced in 2006 with a major tax-break deal with DeKalb County.

John Ruch

John Ruch is an Atlanta-based journalist. Previously, he was Managing Editor of Reporter Newspapers.