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.

REIT Pays $65M for MD Office Building

Wells Real Estate Funds has purchased The Franklin Center in Columbia, MD for $65 million, or about $324 per square foot, according to a CoStar article. The Georgia-based REIT bought to Class A office building from Principal Financial Group Inc., which was represented by Cassidy Turley in the transaction. Terms of the deal and the buyer's broker was not disclosed.

The Franklin Center at 6841 Benjamin Franklin Drive was originally built in 2008 with 200,573 square feet of space spread over 7 floors. The building was fully leased to SAIC Inc. at the time of sale according to CoStar information, though the terms of that occupancy are unknown.

For more news and information visit Blumberg Capital Partners.