ATLANTA-Wells Real Estate Funds is in clover today. The locally-based REIT signed Motorola Inc. to a 10-year lease with an estimated value of $59 million at the same time it closed on the 236,710-sf, South Plainfield, NJ building for $33.65 million.

The price for the four-year-old, three-story structure equates to $142.15 per sf. Industry analysts say that number is on the high side, but still market-priced in an environment where owners are holding on to solid, revenue-producing properties these days until they get their price.

The 34.5-acre site is currently zoned to allow an expansion of 143,000 sf.

The average cap rate on the acquisition is 10.9%. The software and hardware engineers of Motorola’s personal communications systems will use the entire premises.

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