The seller, Chicago-based LaSalle Investment Management, wasrepresented by Transwestern Atlanta office investment servicesbrokers and managing directors Kevin Markwordt and Jon Kleinberg.Markwordt tells GlobeSt.com that, in the past, the property hadbeen primarily leased to FedEx. In recent years, however, FedEx hadbeen moving out of space, which was leased to new tenants. Theproperty is 64% occupied. "LaSalle felt it was the right time tosell," Markwordt says.

One of the properties attributes is its location. It has directaccess to the FedEx "Super Hub" and is in close proximity to theairport, and Interstates 240, 55 and 40. "As development slows dueto skyrocketing construction costs, well-developed, well-locatedassets such as Airport Business Park will continue to gain favorwith institutional investors due to their escalating returns, valueversus replacement cost and competitive position to attract andretain tenants."

Markwordt adds that Allegiance Realty is a value-add buyer thatplans to lease up the vacant space. "Allegiance looks to buy valueadd properties at a good price with plans to add value to theproperty and sell it," he says.