Wells Real Estate Investment Trust Inc. recently sold Videojet Technologies’ headquarters building in the Chicago suburb of Wood Dale, Ill., for an undisclosed price.
Prudential Real Estate Investors, on behalf of a single client account, purchased the property. Videojet, a manufacturer of coding, printing and laser marking products, remains in the building under a 15-year lease signed last fall.
Wells REIT purchased the 250,000-square-foot flex office/industrial facility at 1500 Mittel Blvd. in 1999. “Videojet has been an excellent tenant for this facility, which has served our portfolio well over more than seven years,” said Sharon Ward, vice president, Capital Markets, for Wells Real Estate Funds. “To best serve our investors, we thought the time was right to realize the gain from this property.”
Wells REIT, a public, nontraded REIT specializing in office properties, now has 82 buildings in 23 states (including Washington, D.C.), covering more than 21 million square feet.