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Wells Buys 187,735-SF Office Complex for $22M

CLEVELAND-Koll Bren Schreiber sells the two six story buildings in its second major deal with the Atlanta REIT to close over the last year. The brick-and-class structures were developed by KBS on 9.4 acres in the city's eastern submarket.

By Glen Thompson | Updated on January 10, 2003

CLEVELAND-Atlanta-based Wells Real Estate Investment Trust has forayed into the Cleveland market for the first time with the acquisition of a 187,735-sf class A office property in suburban Mayfield Heights. Wells purchased the two-building asset for $22 million from the Boston office of Koll Bren Schreiber.

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.”

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