Wells Buys Suburban Industrial Asset

DOUGLASVILLE, GA-Leading the nation in acquisitions of class A office properties in 2003, Wells Real Estate Funds has made its largest industrial asset purchase of the year in acquiring New Manchester One in this Atlanta suburb.

In a prepared statement, Wells chief investment officer David Steinwedell didn’t disclose the purchase price. But area industrial brokers familiar with the single-story, 595,404-sf property tell GlobeSt.com the contract price was about $50 per sf, or a total $29 million. The seller was Carter & Associates of Atlanta.

The just-completed distribution center at 9103 Riverside Parkway is 100% leased to JVC Americas Corp., a wholly owned subsidiary of Victor Co. of Japan Ltd. The buyer of record is Wells Real Estate Investment Trust II Inc. The center has 32-ft, clear-height ceilings, deep truck courts and cross-dock distribution capacity.