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L.A. Investor Hopes to Hit Home Run at Atlanta Tower

PCCP Pays $68.3 Million for Cumberland Center II Near SunTrust Park
June 12, 2018
A California investor has acquired the Cumberland Center II office tower in a sign of investors' ravenous appetite for property near the new Atlanta Braves stadium.

Cobb County records show PCCP, LLC of Santa Monica paid $68.3 million, or nearly $163 per square foot, for the 17-story, 419,456-square-foot tower at 3100 Cumberland Blvd. Cumberland Center II is slightly more than a mile from SunTrust Park, home of the Braves.

The seller was an affiliate of Crocker Partners, LLC, which itself acquired Cumberland Center II for $56 million in 2006 from Siemens Energy & Automation.

PCCP's acquisition is the latest in a string of purchases by investors seeking to leverage growing values created with the 2017 opening of SunTrust Park and The Battery mixed-use development.

In April, Avistone Premier Business Parks of Laguna Niguel, CA, paid $28.7 million for Northwest Business Center, located less than three miles from the ballpark. That same month, Asia Capital Real Estate of Singapore paid $27.5 million for Crescent Square Apartments, attracted by increasing rents attributable to its proximity to SunTrust Park.

On the leasing side, insurance firm McGriff, Seibel & Williams said it would relocate from the Central Perimeter submarket to 3400 Overton Park, which has views of SunTrust Park.

Cumberland Center II offers PCCP significant upside opportunity. The tower, which opened in 1989, is nearly 30 percent vacant. Asking rents are $28 to $29 per square foot on an annual basis.

For PCCP, Cumberland Center II marks the company's latest investment in the Atlanta area.

The firm, along with Atlanta-based Carter, acquired the former Bank of America operations center at 715 Peachtree in Midtown in 2015, and converted it to modern offices. PCCP and Carter hit a home run with 715 Peachtree when Honeywell signed a lease to house a software center and hundreds of employees at the building. Co-working company Spaces also signed a sizable lease there.

In 2016, PCCP and Irinda Capital Management paid $73.5 million for Amli at North Briarcliff, a 537-unit, Class A apartment community in DeKalb County. PCCP also has provided senior loans to Portman Holdings for its acquisition of the office tower at 230 Peachtree St. in Downtown Atlanta.

For more information on PCCP's acquisition of Cumberland Center II, please see CoStar COMP #4284734.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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