Ben Applebaum, vice president of acquisitions for Welsh, says hecannot divulge the full purchase price for the buildings. However,he says the office buildings were added to the Midwest Real EstateFund that stands now at $35 million, and the industrial buildingwas for the Welsh US Real Estate Fund, a perpetual fund that todate has raised $10 million.

He tells GlobeSt.com that the second office building is amulti-tenant facility that is "north of 95% occupied," with anaverage office lease rate of $13 to $13.50 per sf. Occupancy at theindustrial building is "in the high 70s," but he says he cannotrelease the average lease rate. "It's a unique building, withdirect access to the steelworks plant on a private road, with railservice as well," Applebaum says.

Instead of pulling out of the Midwest, he says Welsh's platformis to acquire properties in the major Midwest markets. "We want touse this method for growth, and we're also looking heavily in theSoutheast as well. We're a cash-yield buyer, able to purchaseassets that provide more attractive yields for a cash-flowstandpoint, rather than going to find real estate on the coaststhat have given up cap rates," he says.