Avalon "Firing on All Cylinders", Retail 90 Percent Committed

One-Year Grand Opening Countdown Underway

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| Source: North American Properties

NEW YORK, Dec. 9, 2013 (GLOBE NEWSWIRE) -- North American Properties – Atlanta (NAP) today announced from the ICSC New York National Conference that the 50th lease has been executed at its Avalon project in Alpharetta, Ga. The $600 million mixed-use project is now 90 percent pre-leased with just under one year to go until its Oct. 30, 2014 grand opening.

Avalon is one of the largest projects under construction in the United States and it will be the Southeast's preeminent experiential development — a place where specialty retail, entertainment, restaurants, residences, offices, hotels and public spaces come together to create a truly unique experience.

"It's rare, in a mixed-use development of this scale, to have all uses moving forward at the same time," says Mark Toro, managing partner of NAP. "We are firing on all cylinders, with multifamily, single-family, retail, restaurants, entertainment and office all underway."

Recently signed leases include: Oak Steakhouse, francesca's boutique, Kendra Scott, Pottery Barn Kids, Marmi Shoes, Fuzziwig's Candy Factory, American Threads, The Cosmetic Market and Giovanni DiPalma's Caffe Gio. Those in final lease negotiations include: Crate & Barrel in Phase 1 and Lilly Pulitzer in Phase 2.

"Reaching 90 percent committed in our 400,000 square-foot first phase, one year before opening, is testament to how unique Avalon is," said Ron Pfohl, vice president of leasing at NAP. "We are to the point where we are turning away retailers because we can't accommodate them. We've already secured our first commitment in Phase 2."

Here is a look at the most recent milestones the NAP team has reached at Avalon:

About Avalon:

Avalon is a new experience in the timeless art of living well. In the heart of Alpharetta, this sustainably-designed, 86-acre development with more than 500,000 square feet of retail, a 12-screen all premium theater, conference center and full-service hotels, Class A office, single-family residences and luxury rental homes infuses resort-level hospitality throughout a walkable, seamlessly connected community of shopping, dining, entertainment, living, and working. It's more than just another place to go, it's a place to be — a hub of local art and activity that delivers the luxury of the modern South. At 2.4 million square feet and more than $600 million, Avalon is one of the largest projects currently underway in the United States. You can find more updates on Avalon at its website, Facebook page, Instagram or Twitter profile.

About North American Properties:

Founded in 1954, North American Properties is a privately-held, multi-regional real estate operating company that has acquired, developed and managed more than $4.5 billion of retail, multifamily, mixed-use and office properties across the United States. Headquartered in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, Fla., the company has developed 19 million square feet of retail and 13,000 apartment units in 13 states. Currently, North American Properties has $850 million of development underway in five states. In metro Atlanta, North American Properties owns Atlantic Station, Avalon and BOHO4W. For more information, please visit http://www.naproperties.com.

For More Information, Contact:
Elizabeth Hagin
The Wilbert Group
404-748-1367 (O) 678-642-4301 (C)