ATLANTA, GA, January 28, 2012
/24-7PressRelease/ -- Majestic Realty, one of the nation's oldest and largest privately held real estate firms, has acquired CRB Realty Associates Inc., enhancing its development team and its Atlanta real estate portfolio. The acquisition brings to Majestic 60 years of experience in the father-son team of Charlie and Scott Brown who, along with their firm's associates, have developed several signature metro Atlanta projects including Atlantic Station and Technology Park.
The CRB team also brings its access to Parkway South, a 2,500-acre multi-use development along South Fulton Parkway, where Majestic has previously built, leased and currently owns 7.5 million of square feet of distribution and warehouse buildings since it entered the Atlanta market in 1996.
"Majestic plans to leverage CRB's experience in an improving market," said Majestic Senior Vice President Stan Conway, who manages the Atlanta office of the California-based firm. "There aren't too many groups in Atlanta that have as much access to capital as we do, yet are still nimble and entrepreneurial enough to take advantage of shifting market opportunities."
Majestic an office, retail and industrial portfolio totaling approximately 75 million sf nationwide. The firm operates in multiple Atlanta submarkets and owns in excess of 13 million sf throughout the metro area.
Charles R. "Charlie" Brown has been an icon in the office development business since he was a project manager for the 2,000,000 square foot development Atlanta Center in 1976. He was President of Technology Park, developing more than 10 million square feet of space and then master developer of the 12-million sf Atlantic Station. Scott Brown has been in the brokerage and development business since 1992, previously working for CARTER and Seefried Properties.
"I've known Stan a long time,and we look forward to working with him and the Majestic team," said Scott Brown. "We are small and entrepreneurial and Majestic has a similar culture. They are extraordinarily good at what they do, which is focus on the art of the deal. This is a good fit for everybody."
Added Conway: "The opportunity to acquire these excellent assets and add this much talent to our team doesn't happen very often."
About Majestic Realty
Founded in 1948, Majestic Realty Co. is one of the nation's oldest and largest privately held real estate firms, with an office, retail and industrial portfolio totaling approximately 75 million square feet nationwide. The Southern California-based company is a diversified real estate developer specializing in the planning and development of premier master planned business parks and retail centers. Headquartered in City of Industry, CA, Majestic Realty also has offices in Atlanta, GA; Bethlehem, PA; Dallas, TX; Denver, CO, and Las Vegas. NV. For information, visit http://www.majesticrealty.com.
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