X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GAITHERSBURG, MD-A 393,000-sf data center has found a new owner in Wells Real Estate Investment Trust II Inc., now that the one-year-old investment vehicle has taken the property off the hands of Monument Realty in a deal valued at a rumored $79 million. IMB Corp.’s Critical Operations division is the sole occupant of the 100% leased facility.

The multi-million-dollar transaction comes almost exactly one year after Monument acquired the building for $72 million from IBM, which entered into a sale-leaseback agreement with Monument. Wells REIT II relied on representation from Wells Real Estate Funds’ Jeff Gilder and Keith Willby, senior vice president of acquisitions and vice president of acquisitions, respectively. Holliday Fenoglio Fowler LP’s Stephen C. Conley, John E. Duffy and James H. Kraft stood in for Monument on the deal.

Sandwiched between Interstate 270 and Route 355 at 800 N. Frederick, Wells REIT II’s newly acquired asset boasts a spot in a conclave of high-tech companies. The state-of-the-art secured building was developed specifically for IBM’s use nearly two decades ago. For Wells REIT II, the acquisition fits perfectly into its portfolio of well-located class A facilities under long-term lease agreements. “Gaithersburg is one of Montgomery County’s fastest-growing communities,” says Wells Real Estate Funds’ David Steinwedell, chief investment officer with Wells Real Estate Funds. “The proximity of the property to Interstate 270 and its immediate access to Route 355 make this an attractive property from a location standpoint. The tenant’s reputation in the integrated information technology field helps diversify our portfolio and strengthen our position in this market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.