Rubenstein Partners Sells Atlanta Properties for $118.5M

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.

For more news and information visit Blumberg Capital Partners.

Wells Core REIT Acquires Four Parkway in Deerfield

Wells Core Office Income REIT (Wells Core REIT), a nontraded, public investment program sponsored by Wells Real Estate Funds, announced this week that it had acquired Four Parkway North in Deerfield, IL. John Buck Co.'s JBC Fund III sold the property for $40.9 million or $238 per square foot, according to a GlobeSt.com article. Wells was represented internally by Peter Mitchell, senior vice president, capital markets.

"Four Parkway North is a strong addition to the Wells Core REIT portfolio," said Joe Oglesby, chief investment officer of Wells Real Estate Funds, advisor to the REIT. "It serves as a headquarters location to three of our tenants — CF Industries, Lundbeck, and Randstad."

Built in 1999, the 172,000-square-foot Class A office building is situated just off of I-94 and the Tri-State Tollway, offering easy access to I-294, Chicago's Loop, and O'Hare International Airport. The building was fully leased to four tenants — CF Industries Holdings, Inc.; Lundbeck, Inc.; Randstad Pharma; and Amgen USA — at the time of sale.

For more news and information visit Blumberg Capital Partners.

Brandywine Sells Herndon Office Building for $91.1M

Brandywine Realty Trust announced this week that it had sold a 268,240 square foot office building located in Herndon, Virginia for $91.1 million, or $340 per square foot, to Wells Core Office Income REIT. Cassidy Turley marketed the property for sale on behalf of Brandywine.

"The sale of this property achieves our objective of maximizing value from our existing portfolio," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "It strengthens our balance sheet by providing additional liquidity, provides additional capital for our investment activities and demonstrates our commitment to execute key components of our 2012 business plan."

Brandywine completed the development of this property known as South Lake at Dulles Corner in November 2008, with design work from Noritake Associates, and subsequently leased the entire building to Time Warner Cable Inc. according to a NASDAQ report. Last May, citybiz real estate reported that Brandywine was looking to sell some of its Northern Virginia assets so it could target commercial properties located within the Beltway and within the District.

For more news and information visit Blumberg Capital Partners.

Jackson National Life Building Sold for $41.5M

Wells Core Office Income REIT (Wells Core REIT) announced last week that it had purchased the Jackson National Life building in Englewood, Colorado for $41.5 million according to a Citybizlist report. The building is fully leased by Jackson National Life Insurance Company through March 2017.

"We are enthusiastic about this latest acquisition as it folds very nicely into our core strategy." said Don Henry, chief real estate officer of Wells Real Estate Funds, advisor to the REIT, "In particular, we are thrilled to add another investment-grade rated tenant, Jackson National Life, to our expanding Wells Core REIT portfolio."

According to the REIT's June 27 filing with the Securities and Exchange Commission, the current annual effective base rent under the Jackson National Life lease is approximately $4.4 million.

For more news and information visit Blumberg Capital Partners.