A Wells representative tells GlobeSt.com the closing price will be disclosed next week when the transaction is publicly filed. However, area brokers familiar with the Las Colinas office market tell GlobeSt.com the 100%-leased building along John Carpenter Freeway probably traded in the $200-per-sf range. That would translate to a $60-million tab as the estimated aggregate value of the transaction, Dallas brokerage sources say.

"We were attracted not only by a fully leased, very desirable property with strong tenants, but by the opportunity for future development," Jeff Gilder, managing director of acquisitions for Wells Real Estate Funds says in a prepared statement. The building sits on a 16.3-acre site that could accommodate an additional one million sf of office space, Gilder says. The site was originally planned in 1999 as a three-building complex.

A sister fund, Wells REIT, acquired the nearby Las Colina Corporate Center I and II earlier this year. The newest acquisition brings the portfolio of Wells Real Estate Funds in the Dallas/Fort Worth market to nine properties, including five in nearby Irving.