Chief developer Avalon launches new retail real estate company

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The man who was the driving force behind the development Avalon, Atlantic Station and other high-level customer-focused retail centers for North American Properties have gone to create more centers such as the head of his own company.

Mark Thoreau, who was chairman of NAP’s Atlanta business, has brought in three veterans of the operation to start up Toro Development, which plans to acquire sites that contain dead malls and “transform them into the most rewarding and rewarding properties,” the press release said. …

The new venture enjoys strong support. Toro Development is a partner of Four Stones Real Estate, an investment company run by Andrew T. Cathy, executive vice president of operations for Chick-Fil-A and a member of the company’s estimated family of more than $ 14 billion.

Institutional Investment Fund Lubert-Adlers also became an investor in the company.

“We’re going to focus on Sunbelt. We know this better than anyone, and we have a lot of relationship with it, ”said Thoreau. “And it won’t be easy dead shopping malls we observe, but there are other large related sites with infrastructure, and everything that was used on this site was eclipsed. “

He named outdated suburban office parks that cannot be reached on foot from the city center as the main targets. Such sites will be redeveloped with retail and service facilities and several food and beverage businesses.

“This is what drives the experience of people,” said Thoreau. “We are seeing a lot of this and are already involved in several deals.”

The company’s partners include John Kelly, Richard Munger and Vicki Boyes, all of the former NAP executives who helped found Avalon, Atlantic Station, Colony Square and Edge on the Beltline. Kelly will oversee all commercial development and Munger will oversee all residential development. Boyce first joined Toro in 2001 and will serve as the company’s chief financial officer.

“This is the perfect combination of capital and opportunity,” said Dean Adler, CEO of Lubert-Adler. “What Mark Thoreau has done is unparalleled in our industry, and the talent and experience of his team will be a real differentiator for us in the marketplace.”

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