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Wells REIT Shops NYC With $500M

NEW YORK CITY-Manhattan is a shopping destination for many and Wells REIT is no exception. The Atlanta-based Wells is allocating $500 million for acquisitions in New York City.

By Barbara Jarvie | Updated on August 17, 2003

NEW YORK CITY-Wells REIT is humming “New York, New York.” The Atlanta-based Wells is allocating $500 million in an effort to acquire properties in the Big Apple, but the shopping cart won’t just be parked in Manhattan. The REIT is planning to go after properties in other major markets such as Washington, DC and Chicago, too.

Wells’ chief investment officer David Steinwedell says Wells has pursued 10 to 12 New York City properties over the past 18 months, but to no avail due to the competitive marketplace. “They’re still open wounds,” he notes. “We can be fast and we can be patient. We can be patient to find the right property and then be quick about making the deal. We don’t have to get in New York this year.”

Steinwedell says the REIT would be interested in Lower Manhattan opportunities. “The prospect of the (reopened) PATH station and improved mass transit could make Downtown thrive.”

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