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Wells REIT II Buys College Park Plaza for $27M

INDIANAPOLIS-Atlanta-based Wells Real Estate Funds acquires the five-story 179,500-sf office building here from a State of Alaska pension fund. Built in 1998, the building is 95% leased.

By Brian K. Miller | Updated on June 22, 2005

INDIANAPOLIS-The 179,500-sf College Park Plaza office building here has changed hands for about $27 million, local sources tell GlobeSt.com. The buyer is Wells Real Estate Investment Trust II, an entity of Atlanta-based Wells Real Estate Funds. The seller was LaSalle Partners, acting on behalf of the Alaska state employees’ pension fund. A source at Wells confirms that the sale closed on June 22.College Park Plaza is a five-story class A office building located on 10 acres of lakefront at 8909 Purdue Rd. The building is currently 95.2% leased to Cardinal Health Inc. (42.4%); J. F. Molloy & Associates, Inc., a member company of the Principal Financial Group (30.8%); Republic Airways Holdings (20.5%); and the U.S. Department of Agriculture (1.7%). Wells is not revealing the length of the in-place leases, but the guidelines for Wells REIT II are to acquire buildings with credit tenants on long-term leases. A source at Wells tells GlobeSt.com that the average remaining lease term in the Wells REIT II portfolio is more than seven years. Wells was represented in-house by its VP of acquisitions Spencer Patton. John Huguenard and Becky Wells of Colliers Turley Martin Tucker represented LaSalle. Wells’ chief investment officer David Steinwedell describes College Park Plaza as “a high-end suburban office building that is centrally located in Indianapolis’s redeveloping and growing northwest suburban market.” College Park Plaza is Wells’ fourth Midwest acquisition of 2005. The other Midwest acquisitions were in Chicago, Cincinnati and Minneapolis. Wells REIT II now has six million sf in 25 properties in 13 states (including the District of Columbia).

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