But the locally based REIT paid a premium average per-sf-price of $217.84 for the 14 properties purchased from October through December The REIT didn't break out prices for the individual properties.
"We attained our goal of becoming a major owner of core real estate," says Wells chief investment officer David Steinwedell. "Through traditional acquisitions, plus sale/leaseback joint ventures, company purchases and transactions involving loan assumptions, we successfully purchased superior assets across the country."
The acquired assets included four 90%-leased buildings totaling one million sf in metro Washington, DC; the 1.1-million-sf, 50-story, 98.2%-leased headquarters of Leo Burnett USA Inc. in Downtown Chicago; a five-building, 364,000-sf office campus in Beaverton, OR; a five-story, 157,546-sf building fully leased to the Boeing Co. in suburban Seattle; the 45-story, 766,000-sf Independence Blue Cross tower in Downtown Philadelphia; a three-story, 672,000-sf building in Brea, CA; and 60 Broad St., a 39-story, 990,000-sf, 97%-leased building in New York City's financial district.
"The quality and scope of our acquisitions is a testament to the strength of the Wells REIT portfolio of quality properties, as well as our acquisitions team," says Leo F. Wells III, president and founder of Wells Real Estate Funds.
Wells has completed $4 billion of class A office and industrial acquisitions since 2001. The fund manages $5 billion in assets for 150,000 investors nationwide.
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