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NEW YORK CITY-Atlanta-based Wells Real Estate Investment Trust on Monday acquired a 250,000-sf processing facility in central Long Island. The property is leased to the General Services Administration on behalf of the Internal Revenue Service. The property includes 100,000 sf of space approved for office development or 200,000 sf that can be developed for warehouse use.

Wells’ 58th acquisition, located at 5000 Corporate Court in Holtsville, NY, is one of only eight IRS processing and collection facilities in the US, handling more than $165 billion annually. Terms of the transaction are not being disclosed. The 37-acre facility was developed as a model campus for the IRS. It comprises a two-story, 238,400-sf building along with 1,875 parking spaces and a separate 10,000-sf daycare facility.

“In addition to the buildings that the IRS now leases, the property also provides space to develop an additional 100,000 square feet of office or 200,000 square feet of warehouse space to service the future needs of the IRS or another prospective user,” says Steinwedell, Wells chief investment officer.

Wells Real Estate Funds purchases predominantly class “A” existing, build-to-suit, and sale/leaseback office and industrial properties leased long-term to Fortune 500-caliber tenants. The firm, which facilitates quick closings by paying cash and carrying no long-term debt on its acquisitions, has completed 19 transactions totaling approximately $550 million year-to-date and plans to close over $1 billion in transactions during 2002. Wells manages more than $1.9 billion in assets for approximately 60,000 investors nationwide.

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