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| Paces Cumberland, Atlanta, GA |
ATLANTA, GA (Oct. 30, 2012) – Atlanta Property Group, a
locally based real estate investment firm, said today it has closed on its
acquisition of Paces Cumberland, an office building in the Vinings
portion of the Cumberland/Galleria submarket of Atlanta.
The four-story,
70,000-square-foot office building is located at 2675 Paces Ferry Road near its
intersection with I-285.
With the acquisition of Paces Cumberland, APG has now
acquired six properties since mid-2010 totaling nearly 900,000 square feet. So
far in 2012, these assets have seen positive net absorption of 106,500 square
feet, which represents an occupancy gain of 13 percentage points.
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| Jonathan Rodbell |
“Our leasing velocity
demonstrates our ability to achieve our goal of positioning Atlanta Property
Group as the go-to provider of well-located, quality office space for
value-conscious small and mid-size tenants,” said Court Thomas, a
partner in Atlanta Property Group. “We have accomplished this increase in
occupancy during an otherwise generally flat period for the local economy and
office market.”
At Paces Cumberland,
Atlanta Property Group plans to invest more than $300,000 into common area
renovations to increase the aesthetic appeal of the building during its first
year of ownership. Additionally, APG will invest more than $450,000 on systems
upgrades.
Huston Green,
Dennis Mitchell and Hayes Swann of Colliers International
represented the seller. Terms of the transaction were not disclosed.
Built in 1981, Paces
Cumberland is currently 53 percent leased with 13 tenants.
The property offers
easy access to I-285 and I-75 and is proximate to Buckhead and Midtown.
“Paces Cumberland
fits perfectly into Atlanta Property Group’s portfolio,” said Jonathan
Rodbell, a partner at Atlanta Property Group. “We were able to acquire it
at an attractive price, it’s very well located and its existing floor plans
function well for cost-conscious small business owners and entrepreneurs in the
area.”
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| 1200 Ashford, Atlanta, GA |
“Our planned
renovations will be particularly impactful at this property and will create
strong leasing momentum,” Rodbell added.
The other five
Atlanta Property Group has acquired in the past two years are the 280 Interstate
North in the Cumberland/Galleria submarket; 1200 Ashwood and The Park at
Perimeter Center East in the Central Perimeter submarket; as well as 2801
Buford Highway and 1190 West Druid Hills, both in the Druid Chase office park.
Austin Chase and Kirven Brantley of Lavista
Associates, who lease and market these properties, also will lease Paces
Cumberland. They can be reached at 770-448-6400.
This acquisition of
Paces Cumberland puts Atlanta Property Group’s total portfolio at 2.2 million
square feet in 14 properties. “We continue to seek similar opportunities across
metro Atlanta,” Thomas said.
Contact:
Tony Wilbert
Wilbert News Strategies
404-965-5022 (O) 404-405-3656 (C)
