Windward Concourse marks the first acquisition in the Atlanta market for Charlotte-based Allegiance, which also owns the SunTrust Bank Building in Macon, GA. The firm discovered the class A office park, totaling 201,544 square feet on 13 acres, while bidding on another local property, says Hunter Goodwin, director of acquisitions with Allegiance.
"It's in one of the most affluent and newly developed submarkets in the Atlanta MSA," Goodwin tells GlobeSt.com. The buildings are currently 74% occupied, with several nationally recognized tenants including Arrow Corp., Berkshire Hathaway and the University of Phoenix, he says.
Asking rents at Windward Concourse are currently listed at $18.50 per square foot, well under the $20.34 average along Georgia 400, according to Cushman & Wakefield. Overall office vacancy within the corridor is 18%.
Allegiance is a private real estate investor founded in 1996 focused on buying institutional-grade office properties across the US. Its current portfolio totals 3.7 million square feet.
"The investment opportunities we've been anticipating are now beginning to present themselves," Allegiance CEO Chris Smith says. "With our team in place and our platform solidified, we're poised to capitalize on the upside of the market correction."
Allegiance obtained financing for the Windward Concourse purchase through BB&T. Justin Parsonnet, executive vice president with CB Richard Ellis in Atlanta, brokered the deal.
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