Paces Cumberland Trades Hands, Awaits Renovation
- Nov 05, 2012
Locally based real estate investment firm Atlanta Property Group has added yet another property to its portfolio by closing on the acquisition of Paces Cumberland—an office building located in the Vinings section of the Cumberland/Galleria submarket.
Following this recent transaction, Atlanta Property Group has now acquired six properties since mid-2010 totaling nearly 900,000 square feet. Huston Green, Dennis Mitchell, and Hayes Swann of Colliers International represented the seller. Terms of the transaction were not disclosed.
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.
“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.”
The four-story, 70,000-square-foot Paces Cumberland is located at 2675 Paces Ferry Road near its intersection with I-285, benefitting from ease of access to I-75; the location also places the property within close distance to both Buckhead and Midtown. Built in 1981, Paces Cumberland is currently 53 percent leased with 13 tenants.
This acquisition of Paces Cumberland puts Atlanta Property Group’s total portfolio at 2.2 million square feet in 14 properties. 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.
Image courtesy of Wilbert News Strategies