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ALLEN, TX-An entity of Des Moines, IA-based Principal Life Insurance Co. has sold a 26.55-acre office campus in the Dallas suburb of Allen to Atlanta-based Wells REIT. The campus was a build-to-suit for Experian, a UK headquartered high-tech company that uses the 292,700-sf, two-building campus for its National Consumer Assistance Center.

Wells REIT did not return telephone calls about the sale. Principal Life Insurance Co. execs, in charge of the deal, are traveling and were not available yesterday.

According to the Collin County Central Appraisal District, the 2002 proposed value of the complex is pushing $30 million. A 110,300-sf office building at 601 Experian Parkway in Allen’s Enterprise Business Park is valued at $11 million while a 182,400-sf structure carries a proposed $17.9-million assessment. The City of Allen’s Web site shows the Experian campus reflected an investment of $29.6 million for its share of the five-year-old business park that’s practically sold out.

The seller of record is Allen Office Investors LP, but GlobeSt.com has confirmed that it is, in fact, the high-rolling Principal Life Insurance Co. The Wells REIT is known for quick closings and paying cash at the table. David Steinwedell, the REIT’s managing director of acquisitions, brokered its side of the deal.

Experian’s lease runs through October 2010. The campus is located 24 miles north of Dallas. Amenities include a cafeteria, conference center, fitness center and state-of-the-art security system.

Experian is a global information solutions provider of credit reports and related services for business and consumer marketing, direct marketing solutions, customer relationship management services and fraud prevention tools. That profile, says Wells in a prepared statement, makes the Experian acquisition a perfect fit for its strategy to own a diversified portfolio running the gamut geographically and demographically, with regard to corporate profiles. Wells REIT’s portfolio, for the most part, contains class A office and industrial build-to-suits leased for the long term to Fortune 500-type tenants.

In the last two years, Wells REIT has closed 30 acquisitions totaling $720 million. Its 2002 goal is to add another $750 million in transactions. The REIT manages more than $1 billion in assets for about 50,000 US investors.

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