Wells REIT II buys Wells Fargo building

Wells Real Estate Investment Trust II on Tuesday announced its first purchase in Wisconsin: a 230,000-square-foot office property in Milwaukee.

Washington Mutual sold the three-story facility, which is fully leased to Wells Fargo until 2006.

The boomerang-shaped, 230,000-square-foot building, located at 11200 West Parkland Ave., was built in 1990 and recently renovated.

According to a press statement, the property was acquired at a price "below the projected replacement value."

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