First, Simon acquired half of Jamestown, gaining mixed-use and fund management expertise. That deal closed in December 22. Now, 20 months later, Jamestown itself is diversifying. A planned deal to acquire the operating platform of the Atlanta subsidiary of North American Properties will take the urban mixed-use placemaking specialist Jamestown to the suburbs.

NAP Atlanta, which focuses on suburban mixed-use in high-growth markets, has been boosting the destination appeal and walkability of its six properties. It has reinvented Atlanta’s Colony Square; Marietta, Georgia’s Avenue East Cobb; The Forum Peachtree Corners, also in Georgia; Huntersville, North Carolina’s Birkdale Village, pictured at top; and Kentucky’s Newport on the Levee and now is doing the same at Yonkers, New York’s Ridge Hill.

As of June, Jamestown had assets under management of $11.7 billion, and NAP Atlanta had $2 billion. A Jamestown affiliate will make an investment in NAP-Atlanta’s six properties, and the Cincinnati-based North American Properties proper also will maintain a stake.

The deal also includes NAP Atlanta’s third-party management of Alpharetta, Georgia’s Avalon; Naples, Florida’s Mercato; and Sayreville, New Jersey’s Riverton. According to a press release from Jamestown and North American Properties, Jamestown’s real estate services business encompasses 22 projects in 10 countries and is growing.

“Our goal is to be the best mixed-use investor and operator globally, focusing on creating innovation hubs and community centers,” said Jamestown CEO Matt Bronfman.

The parties expect the deal to close in the fourth quarter. NAP Atlanta managing partner Tim Perry will join Jamestown as managing director and co-chief investment officer. Jamestown’s website lists David Godbout as current chief investment officer.