Alter's Last ATL Holding Goes to TPA Group, Arrowhead JV
The last vestiges of The Alter Group's Atlanta land holdings have found a new owner. The Yates Group's Todd Yates (here with his son Robert) gave us the skinny on the Christmas Eve sale of nine acres at 3655 Brookside Pkwy in Alpharetta to TPA Group in a JV with Arrowhead Real Estate for what will be a mixed-use retail/residential project. Todd, who worked with The Alter Group for years before the company began winding down and sold off its assets, says Alter originally planned for a 150k SF mid-rise office building at the site, but TPA's plans are more indicative of what's desired in suburban Atlanta.
Recently, Alter sold 20 acres at Chattahoochee Corners--originally slated for 250k SF of suburban office--to Notre Dame Academy for future expansion of the high school (here). “Just between these two Alter dispositions, you've taken 400k SF of potential suburban office space off the market for alternative use in the last six months,” Todd says. “It was also somewhat bittersweet that over the last two years, after 24 years of building the Alter portfolio in Atlanta and the Southeast, that this is the last piece of property Alter owned in Atlanta.”
