News
Another Cumberland Building Trades
November 6, 2013
Investors have suddenly turned their eyes to an oft-overlooked office submarket: Cumberland/Galleria. In recent weeks, we've seen a slew of buildings trade there, from Circle 75 to Overlook III. The most recent sale: Brookwood Investment Group and Noro Management have picked up Lakewood II, a 123k SF office building there from Parkway Properties for an undisclosed sum. We spoke with Walker & Dunlop's Hagan Dick (who arranged the non-recourse financing for the acquisition) as to why the Cumberland/Galleria market is suddenly in investors' spotlight (who are also finding willing lenders for office buildings in Atlanta, a major no-no in the Great Recession). Activity has picked up among tenants, and space in many submarkets—Buckhead, Midtown and Central Perimeter—are at a premium. That's a recipe for rising rents. And investors know this. "I think lenders are just starting to buy into that story," Hagan says.
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