The property, fully leased by Convergys Corp. of Cincinnati, OH, is 10 miles northwest of Fort Lauderdale and 30 miles north of Downtown Miami. The site is east of the Sawgrass Expressway and north of Commercial Boulevard in Tamarac.
Broward County's property appraiser puts the assessed value of the land at $2.18 million, according to Michael Y. Cannon, managing director, Integra Realty Resources, AREE/South Florida.
However, David Steinwedell, Wells' managing director of acquisitions and dispositions, says the $2.18 million is only a partial assessment.
"This property is a new construction that was just completed in September 2001," Steinwedell tells GlobeSt.com. "Therefore, the pre-construction value of only the land is more in line with the $2.18 million figure, while the value of the completed project is in line with the amount Wells paid for the asset."
Westpoint executive Gerald Piertka represented his company in the transaction. Wells executives Leo F. Wells II, John L. Bell and Richard W. Carpenter signed off on the deal for the buyer.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.