The transaction marks the first time land prices have topped the$2-million-per-acre level in Cobb County, area industrial brokerstell GlobeSt.com. A one-acre parcel on South Cobb Drive recentlysold 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 whatnear-future plans his company has for the site at the northeastquadrant of Akers Mill Road and Cobb Parkway. However, sourcesclose to the buyer tell GlobeSt.com Day plans a mixed-use projectthat could include residential, office, retail and hoteldevelopment.

The venture isn't expected to surface for at least four yearsbecause of existing leases on the land by Lasik Vision Instituteand Men's Wearhouse, retail area brokers tell GlobeSt.com. Afterseveral years of sluggish activity, the Cumberland-Galleriasubmarket is considered one of the fastest-developing areas inmetro Atlanta today, according to area industrial brokers.