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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire the fee simple interest in 5405 Windward Parkway, a 248,446 square foot office property on an 18 acre site in Alpharetta, one of the top suburban submarkets in the Southeast.
Developed in 1998 as the headquarters building for Nortel, the four story building has since been re-tenanted with two high quality tenants on long-term leases. The 93% leased complex is comprised of two rectangular wings, each with a highly functional and efficient 30,000 square foot floor plate, connected by a dramatic glass atrium that serves as common area for both tenants. With long-term stable cash flow from the existing tenants, there is also an opportunity to continue to diversify the rent roll to include a third tenant and to create value by validating market rates above those of the in-place tenants.
Positioned near the intersection of Windward Parkway and Westside Parkway, the site has three points of ingress/egress, direct and walkable access to the Windward Parkway amenity base and is located just a ¼ mile from the Windward Parkway/GA 400 interchange.
Further, its access to Westside Parkway provides direct and convenient access to Avalon which has been a transformational mixed-use amenity hub for an already rapidly urbanizing and highly amenitized submarket.
Strong Credit Tenancy
Secure and stable income stream with 7.6 Years of WALT and 71% of the occupied SF leased to an investment grade credit tenant (Avanos).
At 93% occupancy and 7.6 years of WALT, the asset offers the ability to recoup over $50M through the contractual in-place income.
Mark to market Opportunity
5405 Windward offers a significant mark to market opportunity upon expiration of current leases.
5405 Windward benefit from its proximity to premier amenity hubs in Alpharetta like Avalon and rare walkable amenities along Windward Pkwy.
Alpharetta is one of the most affluent areas in the Atlanta MSA, with the city’s top public schools that will continue to draw decision makers and workforce to the area.
Sticky Tenancy & Mission Critical Space
A large portion of Avanos’ space is mission critical lab space where the tenant spent significant dollars to build out.