Alter Sells Two Office Buildings to Wells

ORLANDO-Two spec-built, class A office buildings, constructed in 2002 and fully leased in one of the city’s high-tech business parks, have paid off for Chicago-based Alter Group.

The Illinois developer has sold a 52,125-sf building and a 30,050-sf structure for $11.7 million, or $142.37 per sf, to Atlanta-based Wells Real Estate LP Fund XIII and Fund XIV. The lead tenant is Siemens Shared Services LLC which occupies the entire 52,125-sf building on an estimated 10-year lease, according to area brokers.

The buildings are at 3500 and 3626 Quadrangle Blvd. within the 400-acre Quadrangle Corporate Center adjacent to the University of Central Florida and 12 miles northeast of Orlando International Airport.