DOWNERS GROVE, IL-Atlanta-based Wells REIT II has added to its local collection of office properties, buying the 275,000-sf Highland Landmark III in a joint venture with Lincoln Property Co. Earlier this year, Wells REIT paid $113 million for Corridors III as well as two buildings at 3333 Finley Rd. and 1501 Opus Pl. leased to Acxiom.

The nine-story building at 3010 Highland Pkwy., completed in 2000 and sold off that year for $51.3 million, is home to a tenant roster than includes PeopleSoft, New York Life Insurance Co., Ford Motor Credit Corp., United States Steel Corp. and CorVel Corp. Occupancy was 92.3% at the time of sale.

The latest purchase price was not disclosed. However, the three previous buildings were acquired for slightly more than $200 per sf, which would put the value of Highland Landmark III at more than $55 million.

Bill Novelli, Jim Postweiler, and Mark Hellwig of CB Richard Ellis represented the partnership that owned the building for four years. Clay Adams and Spencer Patton handled negotiations for Wells Real Estate Funds, sponsor of Wells REIT II, while John Grissim and Don Kurdziel represented Lincoln Property Co. The ownership change results in Lincoln Property Co. assuming management duties, which previously had been handled by CBRE.

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