A joint venture between Wells Real Estate Limited Partnership Fund XIII and Fund XIV has acquired a 120,000-square-foot build-to-suit industrial/distribution property in Minneapolis, Minn.
The value of the transaction was $7 million.
Completed in January 2004, the property, located at 7500 Setzler Parkway North, is leased to RR Donnelley through December 2010. The company claims it is the second-largest distributor of catalogs, magazines, books and direct mail in the United States. RR Donnelley prints magazines such as TV Guide and Sports Illustrated, as well as half of the books on the New York Times bestseller list.
Wells Real Estate Funds is a national real estate investment management firm that purchases existing class A office and industrial properties.
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