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 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’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 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 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 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.