ATLANTA—The latest in a series of acquisitions totaling $700 million in the past 20 months, Crocker Partners has snapped up the 18-story, 432,000-square-foot Prominence building and adjacent 6.4-acre land parcel for $105 million.

“Prominence is a very well located, beautiful class A office tower with a diversified rent roll, above market parking ratio, and an over improved amenity base,” Tom Crocker, managing partner at Boca Raton-based Crocker Partners, tells GlobeSt.com. “It sits within the prestigious, amenity rich Buckhead submarket and offers tenants superior access to the areas major roadways.”

Crocker is betting big on Buckhead. From a market perspective, he notes that the Buckhead submarket has benefitted from a market-leading 1.4 million square feet of positive net absorption since 2010 and continues to strengthen.  

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“Our acquisition price reflects a substantial discount to both replacement cost, and historical sales,” Crocker says. “We found the opportunity to purchase one of the few remaining development sites in the core of the Buckhead submarket very compelling.”

Crocker Partners now owns and/or manages about 2.5 million square feet of office space in the Atlanta market. The firm is continuing to pursue additional investment opportunities there after sitting tight for the right market conditions. Crocker’s overall acquisition strategy focuses on top-tier assets in second-tier cities.

“We have underwritten approximately $2.5 billion of potential acquisitions in the Atlanta market over the past few years,” Crocker says. “We believe that market conditions continue to provide attractive investment opportunities in our target markets and are planning to invest approximately $1 billion over the next 24 months.”

The acquisition comes on the heels of Crocker Partners’ purchase of Miami Center, a 34-story, 803,000-square-foot building. Crocker acquired Miami Center in June 2012 for $262.5 million. It was one of the Miami market’s largest office building transactions since 2008.