Germany-based Oppenheim Immobilian-Kapitalanlagegesellschaft, also known as OIK, sold the 14-tenant asset for $192.54 per sf. The tenant roll generates annual base rent of about $5.9 million, according to a Wells filing with the Securities and Exchange Commission.
Wells paid for the asset with net proceeds raised from its ongoing public offering and with proceeds from its $400-million line of credit with Wachovia Bank. OIK is not affiliated with the buyer or with Wells Capital Inc., according to the SEC filing.
Time Customer Service Inc. is the largest tenant at Tampa Commons, occupying 48% of the building. Other large space users are Wilkes and McHugh PA, leasing 16% and Masonite US Corp, 8%. The current weighted-average remaining lease term for Time, Wilkes & McHugh, Masonite and the 11 other tenants is about four years, according to the SEC statement.
In a prepared statement, David Steinwedell, chief investment officer for Wells Real Estate Funds, says the acquisition "provides Wells REIT II with a class A building in a desirable location in the Tampa metropolitan area at a price near replacement cost."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
