Crocker Partners has led a venture that is buying Paces West in the Cumberland/Galleria submarket. The Atlanta investment firm is purchasing the 647k SF office property for $113M, or about $175/SF, from Tier REIT and Oaktree Capital Managemnt. Its purchase price puts Paces West's acquisition at a 5.3% cap, according to CRENews.com. This is Crocker's second purchase in the submarket: It also owns Cumberland Center II. [CREN]
Crocker Buying Paces West
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Crocker Partners
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