The property has only two tenants, but is 100% leased: 66% by Stone & Webster on a new 10-year lease, and 34% by Sysco Corp. on an existing lease that expires in 2008. The structure boasts a four-level parking garage with 1,465 parking spaces.
The building is situated two miles south of Interstate 10 in the Enclave Business Park. It is strategically positioned on 14.3 acres, which includes five acres that may one day hold a new 200,000-sf office building.
Wells is picky about its purchases, but it has little worry about the credentials of its tenants. Stone & Webster is a subsidiary of The Shaw Group, a major US supplier of fabricated piping systems. With a net worth of $261 million, The Shaw Group serves the power generation, chemical, petrochemical, and oil and gas industries, employing 13,000 workers worldwide.
Sysco Corp. is a major North American distributor of food products to the "food prepared away from home" industry. With a net worth of $1.6 billion, Sysco serves the restaurant, health-care and foodservice industries. It has an international workforce of 35,100.
No big risk-taker, Wells Real Estate Funds says it's a national real estate investment management firm specializing in class-A suburban office and industrial properties primarily leased to tenants with a minimum net worth of $100 million. Wells offers investors a real estate investment trust, a REIT index mutual fund and a limited partnership program. Wells manages more than $600 million in assets for more than 30,000 investors nationwide.
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