Wells buys mixed-use center in Massachusetts

Spaulding & Slye Colliers negotiated the sale of a 78,220-square-foot office and retail building in Cambridge, Mass.

The value of the transaction was not disclosed.

Fleet Bank sold the property to Wells Real Estate Funds.

Completely renovated in 2002, 1414 Massachusetts Ave. is located directly across from Harvard Yard. It consists of 49,522 square feet of first-class office space occupied by Harvard University on floors two through five, and 26,417 square feet of new retail banking space on the lower and mezzanine levels, which serves as Fleet's flagship retail bank. Another 2,281 square feet of retail space is under construction to be completed in 2004.

The five-story building was 97 percent leased at the time of sale.

Wells Real Estate Funds is an Atlanta-based national real estate investment management company that purchases existing class A office and industrial properties.

Spaulding & Slye Colliers is an integrated real estate services company.

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