Orix Buys 530,000-SF Alltel Building

Alltel has been the sole tenant since the company constructed the building in 1999. The 405,000 sf of vacant space didn't deter Orix Real Estate Capital president and CEO David R. Brown from buying the property. "It was a unique opportunity to acquire a high-quality asset in a recovering, corporate-user market," Brown tells GlobeSt.com. "We're willing to assume some risks with opportunistic, value-added purchases such as this one."

He adds, "We're also continuing to seek stabilized core assets. Our access to internal capital sources enables us to act promptly when we see a good opportunity." Brown says the Alltel property "offers significant upside potential."

The building at 13560 Morris Rd. sits on a 67-acre campus where 20 acres are available for future office or residential development, Brown says. The tract can accommodate 2,000 parked vehicles.

Orix purchased the building in an off-market transaction negotiated by Eric Wollan, the company's senior vice president of acquisitions. Orix worked on the acquisition with Atlanta-based Crossley, Jernigan & Ellison, which will handle management and leasing for the property. Norcross-based Lavista Associates represented Alltel.

Tokyo-based Orix Corp. is the parent of the Chicago and Dallas Orix divisions. Orix Corp., a financial services company, has $53 billion in assets and operates in 23 countries.