PCCP Acquires Cumberland Center II Office Tower in Atlanta
The seller has 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.
ATLANTA, GA—New York-based real estate investment firm PCCP has acquired Cumberland Center II, a 419,000-square-foot, 17-story office tower located at 3100 Cumberland Blvd SE in the Cumberland Galleria submarket of Atlanta, GA.
“PCCP is very pleased with the acquisition of this top-tier, class-A office building in a strengthening submarket of Atlanta that has undergone a substantial urbanization and densification in recent years,” says Kevin Chin, senior vice president with PCCP. “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, Cumberland Center II is currently 94-percent leased but 67-percent occupied following the departure of a large tenant to a new build-to-suit within the submarket. The seller has 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.
Built on a hilltop with unobstructed views of the Atlanta cityscape and adjacent to a top-performing Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, the asset is in the northwest portion of Metro Atlanta in Cobb County at the intersection of Cumberland Boulevard and Akers Mill Road. With easy access to the rest of the Atlanta metro area, including Vinings and Buckhead, tenants are within two blocks to the Cumberland Transfer Center, which has MARTA access by bus.
The Cumberland/Galleria submarket surrounds the I-285/I-75 interchange and has seen a recent surge in development, both public and private, since the announcement in 2014 of the Braves’ relocation to SunTrust Park, one mile from the property. The Cumberland-Galleria area is Cobb County’s commercial nucleus, home to several large retail destinations and performing arts centers. From the $145 million Cobb Energy Performing Arts Centre to the $1.1 billion Atlanta Braves’ stadium and entertainment district, the Cumberland/Galleria area has been enhanced by the development of institutional-quality office, retail, residential and recreational developments.