Allegiance Sells 202 KSF, Two-Building Atlanta Office Park to Cornerstone
- Jul 16, 2013
Allegiance Realty Corp. has sold The Park at Windward Concourse in Alpharetta, Ga., three years after buying the the 202,000-square-foot office complex. Allegiance and Cornerstone Real Estate Advisers, the buyer of the Class A, suburban Atlanta property, are keeping mum on the dollar signs involved in the off-market transaction.
Sited on 13 acres in the Georgia 400 submarket, the Park at Windward Concourse features two four-story structures carrying the addresses of 1720 and 1725 Windward Concourse. The buildings were developed in 1999 and 2001, respectively.
Commercial real estate services firm Cushman & Wakefield’s Capital Markets Group orchestrated the disposition of Windward Concourse on behalf of Allegiance. The investment sales team consisted of executive directors Stewart Calhoun and David Meline, along with Samir Idris, director, and Casey Masters, senior associate.
C&W has also been tapped to oversee leasing and property management at the complex, which is home to 26 users accounting for 79 percent of the tenant roster.
Presently, premier office destinations in Atlanta’s suburbs are actually faring better than their counterparts in the big city. In the second quarter, the occupancy level was 14.5 percent for Class A space in the suburbs, and 18.8 percent for Class A space in Atlanta proper. In Alpharetta, change is in the air.
“Leasing activity has been strong and improving in Alpharetta over the last year,” Calhoun told Commercial Property Executive. “With no spec construction anywhere on the horizon, investors are increasingly confident that they will have a reasonably robust market for leasing up vacant spaces.”