Wells Real Estate Funds acquired a five-story office building totaling 184,000 square feet in Plymouth, Minn.
The value of the transaction was not disclosed.
The building, located at 6000 Nathan Lane, was constructed in 1999. The largest tenant, McDATA Corp., leased approximately 80 percent of the building at the time of sale.
“This property offers us a potential opportunity for enhanced value in the relatively near future,” said Kevin Hoover, managing director, portfolio management, for Wells Real Estate Funds. “The building is 100 percent leased, but the primary lease comes up in four years. At the same time, we are optimistic about the future of the Minneapolis market.”
Opus Real Estate Minnesota II sold the property.