COBB COUNTY, GA-Jackson Oats Shaw Corporate Real Estate, based in Atlanta, has purchased a 64,574-sf office building, at 2015 S. Park Pl., from Wells Real Estate Funds. Jackson Oats Shaw purchased the building for $140 per sf, or approximately $9 million, says firm chief executive officer Scott Jackson, who represented the firm in the sale.

The cap rate was estimated at about 7.5% with a 14% average yield after debt service, Jackson tells Wells was assisted with the sale by Tom Shafer, of resource Real Estate Partners.

Randstad Staffing Services Inc., an international staffing company, has a lease for the entire building until 2013, says Robert 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 realize some value for our investors,” he says. There were a number of bidders 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 starting in 2009. The annual lease rate in 2013 will be $713,000, according to the SEC filing.

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