The Wells REIT II has bought a collection of four Class-A buildings in suburban Atlanta for $172 million, or roughly $207 per sq. ft. The four properties, located in the 2.5 million sq. ft. WildwoodPark, total more than 832,000 sq. ft. of space. The seller was Cousins Properties.
"This portfolio acquisition on behalf of our Wells REIT II investors really fits our primary criteria of quality, long-term tenants in Class-A assets," says David Steinwedell, chiefofficer at Wells Real Estate Funds.
Major tenants include Coca-Cola and GE and the vacancy at the four-building complex was a mere 1% at the time of sale, according to Wells. All of the tenants are locked into long-term.