Wells Real Estate Funds sells Florida space

In-state developer makes purchase

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Wells Real Estate Funds has sold a 61,494-square-foot, class A office building in Gainesville, Fla. The value of the transaction was $8.2 million. Fund VII & Fund VIII Associates, a joint venture that shares ownership between Wells Real Estate Fund VII L.P. (approximately 37 percent) and Wells Real Estate Fund VIII, L.P. (approximately 63 percent), developed and leased the property in 1995. The entities sold the property to Marcent Development, an Orlando-based real estate company. The two-story building, constructed in 1995, is located at 3011 SW Williston Road. At the time of sale, it was 82 percent occupied by CH2M HILL, a global full-service engineering, construction, and operations firm. Wells Real Estate Funds is a national real estate investment management company that purchases, manages, and disposes of real estate on behalf of Wells-sponsored investment programs. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....