For the Atlanta-headquartered real estate company, the transaction marks the third acquisition in the 60-acre Shady Grove Executive Center; Wells REIT bought Shady Grove I and Shady Grove IV--which are fully leased by Lockheed Martin and account for a total of 230,600 sf--in 2003 for a combined $51.5 million.
Spaulding & Slye Colliers' Brian Dawson and Steve Collins represented the seller, 25 Mall Road LP; Wells REIT was represented by Jeff Gilder and Heather Griner of Wells Real Estate Funds, Wells REIT's sponsor.
Situated in the I-270 Corridor, the class A Shady Grove V is a four-story building developed in 1982 and currently 100% leased under a long-term agreement to the General Services Administration, which houses offices of the US Food and Drug Administration at the building. Shady Grove Executive Center itself, comprised of six office buildings with a total of 680,000 sf, currently boasts an occupancy level of 96%.
"This is the Wells REIT's third purchase in this area of the Washington, DC market and it reflects the type of asset and tenant quality we look for in every acquisition for our investors," says David Steinwedell, chief investment officer.
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