Wells REIT Tampa Sale Marks Record Price

TAMPA-With the approximately $31-million sale of a 130,000-sf office building here, two milestones were reached: the transaction marked the highest recorded per sf price in the city’s office history and the first large sale from Wells Real Estate Investment Trust.

Wells sold the single-tenant office building at 5104 Eisenhower Blvd. and the 5.2 acres of adjacent land to IPC US Income Commercial Real Estate Trust for $240 per sf. The property is in the city’s Westshore office market and is 100% leased by IBM and International Academy of Design and Technology.

Wells purchased the four-story building in 1998 and has owned it through three separate tenants, with the most recent tenant extending back to a 10-year lease, John Carter, executive vice president of Carter, tells GlobeSt.com. He and Cheri O’Neil, senior vice president of Carter, brokered the deal. Wells decided to sell the office asset now because “the market and timing were good to get a good price,” he adds.