"This is a strong, well-leased building with a mix ofcreditworthy tenants," says Jeff Gilder, managing director ofacquisitions for the Norcross, GA-based Wells Real Estate Funds,who repped his firm in-house, along with Heather Griner, vicepresident of acquisitions. "It's also in an area that has shownstrength in rental rates."

That area referenced is the Morristown submarket in Northern NewJersey, and the acquisition is Wells REIT II's fifth in the NorthJersey region. The seller was Invesco, and the terms, including thesale price, were not released. Industry sources, however, estimatethat the asset traded for a number in the $25-30 million range.

"For Wells, the rent roll and below-replacement-cost sale pricemade this investment an attractive opportunity to expand thecompany's footprint in Northern New Jersey," says Gary Gabriel ofCushman & Wakefield's Metropolitan Area Capital Markets Group,who brokered the deal with C&W colleagues Andrew Merin, DavidBernhaut and Jose Cruz. "The building offers quality space in ahigh-end park environment."