Birkdale Village | Jamestown LP

May 22. A spokesperson for Jamestown—part of the Birkdale Village ownership group that also includes Nuveen Real Estate and North American Properties—said they are firm believers in the long-term viability of the mixed-use property even after nearly two decades.

“We, along with our equity partners, regularly evaluate portfolio holdings in the context of market conditions. Based on that assessment, our investors have made the decision to market the property after almost 19 years of ownership,” the spokesperson said.

Background

Brick-and-mortar shopping malls have faced their challenges in the changing retail landscape, but the more experiential Birkdale Village has thrived with a new mix of tenants that includes Apple, lululemon, Lovesac, Cheesecake Factory and North Italia.

As general partner, Jamestown is seeking to remain in the transaction through this process.

A listing price was not disclosed, but it is expected to be in the multiple hundreds of millions of dollars.

The trophy property is assessed at $160.5 million for tax purposes.

The potential sale is happening two months after the Town of Huntersville approved its expansion.

Nothing has come out of the ground, but just the approvals are valuable.

The “Additional Future Density Entitlements” in the marketing brochure could be worth $25 million to $40 million, according to veteran commercial real estate broker and Birkdale resident Nick O’Shaughnessy.