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Wells REIT Paid $118.5M for Perimeter Center Bldgs.

Rubenstein Partners Traded 580,432-SF Office Portfolio in Atlanta
January 8, 2013
Wells Core Office Income REIT Inc. acquired two Class A Perimeter Center office buildings totaling 580,432 square feet for $118.5 million, or about $204 per square foot.

Rubenstein Partners LP sold the 96 percent leased assets at 64 and 66 Perimeter Center E in Atlanta's Central Perimeter submarket. State Farm Mutual Automobile Insurance Co. anchors the properties.

The portfolio consists of 64 Perimeter Center E, a 15-story, 381,432-square-foot structure developed in 1985 with a two-story atrium lobby; and 66 Perimeter Center E, an eight-story, 199,000-square-foot property that was constructed in 1971. Both buildings recently underwent approximately $34 million in renovations, including the addition of a fitness center and dining area. They are part of the 400-acre Perimeter Center Office Park.

Peter Mitchell, senior vice president of capital markets, represented Wells internally.

For additional information, please refer to CoStar COMPS #2632077.

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