IRVING, TX-Wells Real Estate Funds’ newest non-traded REIT hasmade its first acquisition.
The Wells Core Office Income REIT paid $18.1 million for an119,600-square-foot, class A office building fully leased toJPMorgan Chase Bank N.A. The current aggregate annual base rent forJPMorgan Chase is approximately $2.4 million.
The Norcross, GA-based REIT, which is still in its fundraisingstage, acquired the property from Brookfield Real EstateOpportunity Fund II. Brookfield acquired the five-year-oldbuilding, known as Royal Ridge V, is from JPMorgan Chase earlierthis year.
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