ATLANTA-Locally based Day Capital Partners has acquired a prime three-acre parcel in the Cumberland-Galleria area of southeast Cobb County from landowners George Johnson and Charlie Barton for $8.7 million or $2.9 million per acre ($66.57 per sf).

The transaction marks the first time land prices have topped the $2-million-per-acre level in Cobb County, area industrial brokers tell GlobeSt.com. A one-acre parcel on South Cobb Drive recently sold for $1 million or $2.30 per sf.

Robert Day, founder and president of Day Capital Partners, couldn’t be reached by GlobeSt.com’s deadline to learn what near-future plans his company has for the site at the northeast quadrant of Akers Mill Road and Cobb Parkway. However, sources close to the buyer tell GlobeSt.com Day plans a mixed-use project that could include residential, office, retail and hotel development.

The venture isn’t expected to surface for at least four years because of existing leases on the land by Lasik Vision Institute and Men’s Wearhouse, retail area brokers tell GlobeSt.com. After several years of sluggish activity, the Cumberland-Galleria submarket is considered one of the fastest-developing areas in metro Atlanta today, according to area industrial brokers.

Fueling development interest is the $150-million, under-construction Cobb Energy Performing Arts Centre about a half mile from the Day Capital acquisition. Nearby, the 1.27-million-sf Cumberland Mall is getting a $65-million facelift.

While the $2.9-million-per-acre is a high-water mark for Cobb County land prices, dirt in nearby submarkets has gone for far higher prices, as GlobeSt.com has reported on various transactions over the past three years. A 5.2-acre tract east of Atlantic Station sold in January for $36 million or $6.92 million per acre ($158.93 per sf). The Novare Group paid $16 million, or $6.77 million per acre ($155.63 per sf), for the former 2.36-acre Backstreet Nightclub site. Jackson Oats Shaw paid $6 million, or $137.74 per sf, for a one-acre block housing a seven-story parking structure at 98 Cone St. Downtown.

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