Crocker JV Pays $45M for Atlanta Office Building
- Nov 08, 2019
A joint venture between Crocker Partners and Garrison Investment Group has acquired 3225 Cumberland, a 216,209-square-foot office building in Atlanta’s Cumberland/Galleria submarket, from James Campbell Co. Crocker Partners declined to disclose a sale price to Commercial Property Executive, though public records indicate the property sold for $44.5 million.
Cushman & Wakefield acted on behalf of the seller in the deal. James Campbell had acquired the asset in 2013 for $36.1 million from seller Pope & Land Enterprises, per Yardi Matrix data.
The 10-story office property opened in 1998 and is currently 95 percent leased to 12 tenants, including Serendipity Labs, Infosys and Aerotek. Amenities include a conference facility and tenant lounge, and portions of the building were recently renovated, including the lobby, fitness center and café.
Located 12 miles northwest of downtown Atlanta, 3225 Cumberland is close to the interchange of interstates 285 and 75, less than a mile from Cumberland Mall, Akers Mill Square and SunTrust Park, home of the Atlanta Braves.
Collaborative investment increases
The purchase is Crocker and Garrison’s first joint acquisition. With the deal, Crocker now owns or manages approximately 3 million square feet of commercial real estate. The company has been active in the Cumberland/Galleria submarket recently. In June, the investor purchased Paces West, a 646,471-square-foot office property on Paces Ferry Road SE, for $120 million. The asset, formerly the headquarters of Home Depot, was 93.9 percent leased at the time of the sale.
Garrison Investment Group was part of a joint venture which acquired a 1.6 million-square-foot office campus in northern New Jersey earlier this year. The firm partnered with Axonic Capital, Taconic Capital Advisors and Onyx Equities to purchase three assets near Newark Penn Station.