All's Wells in Year-End Acquisition

Wells REIT and Wells Fund XIII LP paid $13.14 million, or $88.70 per square foot, for the 148,200-square-foot flex building at 8560 Upland Drive in Parker, CO. Part of the Compark Business Campus, the property is a single-story flex building that is 100% leased to Advanced Digital Information Corp. on a 10-year term. The sale was a joint venture purchase, with Wells REIT owning 51% and Wells Fund XIII LP holding 49% ownership. The two companies acquired the building from the developer Opus Northwest LLC. A 64,000-square-foot portion of the property was completed in October 2001, while an identical segment and a 20,200-square-foot link building were completed in December 2001, combining to form 148,200-square-foot "U-shaped" facility. The flex property boasts 8 loading-docks, 3 drive-in bays, 24' clear height, 40' by 40' bay spacing, air conditioning and 11.78-acre lot. Wells Real Estate Funds is an Atlanta, GA-based national real estate investment management firm, and adds this property to its existing portfolio of approximately $1 billion in assets for more than 46,000 investors nationwide. John Steele of Capital Development represented Wells REIT and Wells Fund XIII LP. Marshall Burton and Scott Menefee represented the seller, Opus Northwest LLC, in-house.