print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

Wells Mulling Options for 13-Property Office Portfolio

$578 Million in Properties Could Go on the Block
April 3, 2013
64-66 Perimeter Center East
64-66 Perimeter Center East
Wells Core Office Income REIT Inc. in Atlanta is weighing options for a portfolio of 13 office buildings purchased for more than $577.6 million over the last three years.

When the REIT went public in June 2010, it originally intended to cash-out the portfolio by July 31, 2020. However, given its relatively “small size,” the REIT said, “a sale of our portfolio or a merger transaction well in advance of 2020 may be in our best interest.”

As a result, Wells Core Office is considering strategic alternatives in the near term and said it may choose not to acquire additional properties even though its stock offering is ongoing. As of March 22, the REIT had raised aggregate gross offering proceeds of $477.9 million. Any additional money it raises in the future would go towards debt repayment.


Share with Your Followers on Twitter


As of Dec. 31, 2012, it owned 13 office properties in eight states totaling 2.62 million square feet. The properties were 99.5% leased with an average lease term remaining of approximately seven years and annualized base rent of $69.6 million.

Property; Location; NRSqFt; Purchase Price
  • 64 & 66 Perimeter Center Buildings; Atlanta, GA; 583,690; $95,297,762

  • South Lake Building; Herndon, VA; 268,240; $90,900,000

  • Westway II Building; Houston, TX; 242,374; $70,313,406

  • Franklin Center Building; Columbia, MD; 200,593; $65,000,000

  • Duke Bridges I & II Buildings; Frisco, TX; 284,198; $49,000,000

  • 7601 Technology Way Building; Denver, CO; 182,875; $41,500,000

  • Four Parkway North Building; Deerfield, IL; 171,524; $41,144,691

  • Westway I Building; Houston, TX; 143,961; $31,000,000

  • 4650 Lakehurst Court Building; Columbus, OH; 164,639; $24,727,760

  • Miramar Centre II Building; Miramar, FL; 96,394; $20,921,636

  • Royal Ridge V Building; Irving, TX; 119,611; $18,134,588

  • 2275 Cabot Drive Building; Lisle, IL; 94,375; $17,993,058

  • 333 East Lake Street Building; Bloomingdale, IL; 71,053; $11,710,764



Advertisement:
Brownfields 2013: Economic Redevelopment Forum: Networking with a Purpose.



Advertisement:
Tranzon Auction: Bankruptcy Auction: Commercial Property in Jamaica, NY

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News