The seven-story building is situated on 11 acres in the Crown Colony Office Park and is 10 miles from downtown Boston. According to Leah Ward, spokesperson for Wells REIT, this is the company's first foray into the Boston area. "We work with a nationwide network of brokers and the Boston market was right for this acquisition," Ward tells Globest.com. that SSB Realty's lease is pre-existing and runs through March 2011. Ward notes that the average cap rate on this acquisition (the return of the investment over the life of the lease) is 10.22%. "Our investments usually fall in that range," says Ward.

Wells REIT has properties in more than 20 states and according to Joel Williamson, acquisitions analyst for the company, Wells REIT "would love the opportunity to acquire another property in the Boston market if the opportunity presented itself." Williamson notes that while Boston is a highly attractive market, it presents some challenges. "It's a hard market to penetrate. We were very fortunate to acquire the building that we did."