Windward Concourse Buildings Sell for $17.6M

ATLANTA-Allegiance Realty Corp. has purchased the Park at Windward Concourse, near Georgia 400 in suburban Alpharetta, for nearly $17.6 million, or $87 per square foot, in an off-market transaction. The twin four-story office buildings, developed by Triad Properties Corp. in 1999 and 2001, were sold by a joint venture between DRA Advisors and Colonial Properties Realty Trust.

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.