Besides 24-ft clear-height ceilings and quality-credit tenant, the acquisition also is in the State Highway 610 corridor in the northernTwin Cities, which the Atlanta-based buyer notes is emerging as a major submarket. Donnelley, the second-largest distributor of catalogs, magazines books, and direct mail in the US, holds an A- credit rating from Standard & Poor's and an A2- rating from Moody's Investors Service.
Wells Real Estate Funds, the biggest buyer of class A office and industrial assets in 2002 and 2003, focuses on existing class A office and industrial properties, sale-leasebacks and build-to-suit projects leased long term to credit-worthy tenants.
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