Wells Core Office Income REIT, sponsored by Wells Real Estate Funds, has completed the acquisition of two Atlanta, Georgia office properties from Rubenstein Partners for $118.5 million, or approximately $204 per square foot. CoStar Group reported that no brokers were mentioned, and terms of the deal have not been disclosed, but area field reports show that Cushman & Wakefield was leasing the properties.
The properties at 64 and 66 Perimeter Center E were developed in 1985 and 1971 (the older building at 66 Perimiter underwent renovations in 1985 as well). Perimeter Center East boasts visibility from I-285 and accessibility to local banks, restaurants, and retail at Perimeter Mall. 64 Perimeter Center is a 15-story, 381,432-square-foot structure while 66 Perimeter Center E is an eight-story, 199,000-square-foot building. The properties were 96% leased at the time of sale with State Farm Mutual Automobile Insurance Co. anchoring the buildings.
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