The cap rate was estimated at about 7.5% with a 14% averageyield after debt service, Jackson tells GlobeSt.com. Wells wasassisted with the sale by Tom Shafer, of resource Real EstatePartners.

Randstad Staffing Services Inc., an international staffingcompany, has a lease for the entire building until 2013, saysRobert Byrd, vice president of corporate communications for Wells.Wells purchased the building in 2003 for $6.5 million, Byrd says.Wells sold the property because "We saw an opportunity to realizesome value for our investors," he says. There were a number ofbidders for the property but Byrd would not disclose how many.

The four-story building sits on 2.9 acres and was built in 1985.According to SEC filings, the annual lease rate for the building is$646,000, which will have a 2% annual increase each year startingin 2009. The annual lease rate in 2013 will be $713,000, accordingto the SEC filing.