The Illinois developer has sold a 52,125-sf building and a 30,050-sf structure for $11.7 million, or $142.37 per sf, to Atlanta-based Wells Real Estate LP Fund XIII and Fund XIV. The lead tenant is Siemens Shared Services LLC which occupies the entire 52,125-sf building on an estimated 10-year lease, according to area brokers.
The buildings are at 3500 and 3626 Quadrangle Blvd. within the 400-acre Quadrangle Corporate Center adjacent to the University of Central Florida and 12 miles northeast of Orlando International Airport.
"This is a milestone for the Wells Limited Partnership program, since it is the first acquisition in a joint venture with Wells LP XIV,' says Wells' chief investment officer David Steinwedell. Wells manages $4 billion in assets for 125,000 investors nationwide.
Alter officials couldn't be reached by GlobeSt.com's publication deadline. But office brokers familiar with the east Orange County office submarket tell GlobeSt.com Alter probably built the two structures totaling 82,175 sf for a total $10.3 million based on an estimated hard construction cost of $125 per sf.
The sale to Wells follows an August 2002 deal Alter did with New York-based Falcon Real estate Investment Co. Falcon paid Alter $37.8 million, or $167.82 per sf, for one of two 225,000-sf office buildings Alter erected in Quadrangle Business Park, as GlobeSt.com previously reported. Construction industry estimators tell GlobeSt.com the estimated hard cost of the 225,000-sf building was $28 million, or about $125 per sf.
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