Wells Real Estate Investment Trust II purchased four class-A office buildings totaling more than 832,000 square feet of space in suburban Atlanta.
The value of the transaction was not disclosed.
The four buildings are part of a 2.5-million-square-foot office park known as Wildwood, located northwest of Atlanta just outside the I-285 perimeter loop near I-75. Atlanta-based Cousins Properties Inc. starting in the early 1980s developed wildwood.
Major tenants in the portfolio include Coca-Cola Enterprises and General Electric Co., leasing 27 percent and 32 percent of the total space, respectively. Also, BlueLinx Corp., which earlier this year acquired the building products distribution business of Georgia-Pacific Corp., occupies 30 percent of the total space. All three companies are on long-term leases. At the time of the acquisition, the four buildings were 99 percent leased.
The buildings acquired include 2500 Windy Ridge Parkway, a multi-tenant, 15-story, 317,000-square-foot building constructed in 1985; 4100 and 4300 Wildwood Parkway, two buildings originally constructed in 1995 as a build-to-suit totaling 250,000 square feet; 4200 Wildwood Parkway, a multi-tenant, six-story, 265,000-square-foot building completed in 1998.
Wells Real Estate Funds is a national real estate investment management firm that purchases real estate on behalf of Wells-sponsored investment programs.
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