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PCCP Picks Up Atlanta’s Cumberland Center II for $68M
PCCP, LLC acquired Cumberland Center II, a 419,000-square-foot, 17-story office tower in Atlanta, from an affiliate of Crocker Partners, LLC for a reported $68.3 million. The property is located at 3100 Cumberland Blvd SE, in the Cumberland Galleria submarket at Cumberland Boulevard and Akers Mill Road.
PCCP’s Kevin Chin says “We have the opportunity to add significant value by leasing vacant space to tenants seeking an institutional-quality building with convenient highway access that is adjacent to an abundance of retail amenities.”
Built in 1989 on a 6.8-acre site, the property is currently 94% leased but 67% occupied, following the departure of HD Supply to a new build-to-suit within the submarket. The seller invested more than $5.4 million in capital improvements since 2007, and the well-maintained property includes a recently renovated on-site conference center and café, and 1,288 underground parking spaces.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition