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Broughton Street developer Ben Carter has found a buyer for his 50 percent stake in St. Johns Town Center in Jacksonville, an upscale mall he co-developed with Simon Property Group that opened in 2005.
Deutsche Asset and Wealth Management, a division of Deutsche Bank, bought Carter’s share of the 1.2-million-square-foot retail complex in a sale that closed last week, according to Carter spokesman Tony Wilbert.
The property had been listed by brokerage firm Eastdil Secured’s Atlanta office and reportedly sold for more than $375 million. Simon Property Group will continue to manage St. Johns, which features more than 150 stores and restaurants.
“I’m delighted that we were able to complete this transaction, which worked out very well for my longtime partner David Simon, for the new co-owner and for Ben Carter Enterprises,” Carter said in a statement.
Carter announced his intention to sell his stake in March, having turned his focus to significant projects in the Savannah area.
Those projects include the revitalization of about 35 historic properties along the Broughton Street corridor in downtown Savannah and a 400,000-square-foot outlet mall in Pooler that he’s co-developing with Tanger Factory Outlet Centers. The developer is also building an outlet mall in Augusta.
The deal follows an announcement last month of a new $50 million partnership between Ben Carter Enterprises and Acadia Realty Trust, a New York-based real estate investment trust.
The partnership will finance the first phase of the Broughton Street project, including 20 properties, with the opportunity to expand the investment as Carter acquires more assets to attract to new retailers to the area.
