Wells REIT acquires Las Colinas complex

Expansion opportunity exists

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Wells Real Estate Investment Trust Inc. on Wednesday announced it has acquired Las Colinas Corporate Center I and II in Irving, Texas. MetLife sold the two class A office buildings, which rise six and eight stories, respectively, and total 386,000 square feet. Las Colinas Corporate Center I and II were constructed in 1997 and 1998, respectively. Tenants at the time of sale included H.D. Vest Financial Services, Deloitte & Touche and The Feld Group, a division of EDS. Vest, the largest tenant, is a subsidiary of Wells Fargo, and leased through December 2012. The property also offers possibilities for future development by Wells. An adjacent development site could accommodate another 150,000-square-foot building. Wells REIT is a public, nontraded REIT specializing in office properties. The REIT now has 86 buildings in 24 states (including Washington, D.C.), totaling more than $5 billion based on purchase price and covering more than 21 million square feet. ...