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Wells REIT II Buys 2 Office Buildings; One Not Yet Complete

CHARLOTTE. NC-A JV of Childress Klein Properties and TIAA-CREF sells a fully leased 112,000-sf building here to Wells REIT II for $20.7 million, and, for $17.1 million, an 111,000-sf building next door that is still under construction and 40% preleased.

By Brian K. Miller | Updated on December 29, 2005

CHARLOTTE, NC-Wells Real Estate Investment Trust II Inc. on Wednesday acquired two office buildings here for about $44 million. The seller was a joint venture of Childress Klein Properties and TIAA-CREF. The deals closed this week and were detailed in SEC filings made late yesterday and this morning.

The public but un-traded REIT from Atlanta paid $20.7 million for the completed office building, known as LakePointe 5. For the building under construction, Wells REIT II paid $17.1 million, which includes $2.5 million for the land, $3.9 million for construction costs incurred to date and an estimated $10.7 million to complete the project, according to the SEC filings.

The building under construction, known as LakePointe 3, is 40% preleased. The Lash Group has committed to approximately 26% of the building and Centex Construction Co. LLC has committed to approximately 14%. Both are said to be long-term leases that commence upon building completion, which is currently expected in September 2006.

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