This is the second recent deal between Wells and KBS. Last year, the REIT purchased a class A office property from KBS located in Boxborough, Mass. Wells chief investment officer David Steinwedell says the company plans to continue pursuing similar opportunities.
"Our goal is to get as diversified as possible and we diversify across geographical locations, across industries and across individual tenants," Wells chief investment officer David Steinwedell tells GlobeSt.com. "The property is well-located in Cleveland. We make sure not to overexpose ourselves in any one market in the country. If you look at our portfolio, you'll see that we don't have more than 15% [of our real estate holdings] in any one market. We diversify ourselves by buying really good buildings in small markets as well as large markets."
The property's major tenant is Progressive Casualty Insurance Co., the casualty arm of Progressive Corp., the fourth-largest auto insurance company in the US.
Located on 9.4 acres at 6089 and 6095 Parkland Boulevard, the buildings are situated within Cleveland's eastern submarket, the area's largest. It benefits from access to Interstates 271 and 480 and enjoys close proximity to residential communities and labor pools.
The two six-story buildings feature brick-and-glass exteriors and are connected by an atrium, which also houses a fitness center. An underground parking facility has space for 686 vehicles and a food service operation to be built on the lower level of the 6089 building is currently in the design phase.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
