Cousins Sells Four Wildwood Buildings to Wells for $173M

The acquired portfolio includes 2500 Windy Ridge Parkway, a multi-tenant, 15-story, 317,000-sf building constructed in 1985; 4100 and 4300 Wildwood Parkway, two buildings originally constructed in 1995 as a build-to-suit totaling 250,000 sf; and 4200 Wildwood Parkway, a multi-tenant, six story, 265,000-sf building completed in 1998.

"This portfolio acquisition on behalf of our Wells REIT II investors really fits our primary criteria of quality, long-term tenants in class A assets, in great locations," David Steinwedell, chief investment officer at Wells Real Estate Funds, says in a prepared statement. "As the headquarters location for three major companies, these buildings serve as corporate icons for both the local and national business communities."Metro area construction industry sources tell GlobeSt.com Cousins probably developed the four buildings in the park an estimated hard construction cost of $100 to $150 per sf or a total $130 million. Cousins started developing the park in the early 1980s. The site is northwest of Atlanta, just outside the Interstate-285 perimeter loop near Interstate 75.

Major tenants in the four-building portfolio are Coca-Cola Enterprises, General Electric Co. and BlueLinx Corp. Coca-Cola Enterprises occupies 27% of the total 832,000 sf; General Electric, 32%; and BlueLinx, 30%. All of the tenants are on estimated leases of 10 years or more, area brokers familiar with the property and the submarket, tell GlobeSt.com.