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Summary: Jamestown’s Sale of Southern Dairies
Jamestown, the developer behind Ponce City Market, is planning to sell its smaller project, Southern Dairies, located in Midtown Atlanta. The decision follows the cessation of dividend payments to nonaccredited investors. Southern Dairies is a renovated ice cream and dairy facility from the 1930s, now a creative office space partially occupied by Live Nation.
CEO Matt Bronfman stated that the sale is aimed at resolving outstanding investor redemption requests and improving liquidity, especially as debt costs have escalated. The company previously stopped quarterly redemptions due to financial strain and is exploring a sale over the next six to twelve months.
Fulton County valued the project at $12.6 million, though Jamestown paid $34.5 million during its acquisition in 2019. The development has received a significant amount of redemption requests since the establishment of its investment fund in 2019.
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