Just one week after Scott & Associates announced their purchase of Circle 75 Office Park, another Cumberland/Galleria building is sold to a different local real estate investment company. Goddard Investment Group dropped an undisclosed amount of money to purchase Overlook III. Overlook III, which is located in Vinings, is currently 70% leased. Goddard Investment Group will renovate common areas, such as lobbies and restrooms, as well as the building’s exterior and landscaping in an effort to increase prospective tenant interest.
Goddard Investment Group’s purchase is another display of investor confidence along the Atlanta perimeter. As the Buckhead, Midtown, and Central Perimeter submarkets run out of room, most investors speculate that the outlying submarkets will see tremendous increases in absorption. Tenant activity in the Cumberland/Galleria submarket has more than double since the 4Q2012. Most speculate the North Fulton and Northwest submarkets to see the largest increases in leasing activity in the coming years.Share