Waterford Park rents average $15.50 per sf. The average cap rateon this acquisition is 11.79%. The build-to-suit property is on 7.5acres at 5309 Commonwealth Dr.
The deal originated from Wells' previous owner-tenantrelationship with ABB Alstom Power Inc. Wells developed an 83,000sf office building for ABB in Knoxville, TN in 1998. Alstom and ABBPower Generation merged in June 1999 to form ABB Alstom Power Inc.The company later shortened its name to Alstom Power Inc. Alstomhas a work force of 58,000 in 100 countries
Wells manages $560 million in assets for 30,000 investors. TheREIT acquires and manages class A suburban office and industrialassets largely leased to tenants with a net worth of at least $100million.
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