The class A office property in this Charlotte, NC suburb was built in 2005 as a build-to-suit for CitiFinancial. The Citigroup unit signed a 15-year lease for the property in October 2005. Childress Klein joined Wells in developing the asset. Wells declined to a reveal the selling price, and a spokeswoman did not have the original development cost.
"This is desirable property in a fast-growing market, and we believe this is an opportune time to realize the gain for the REIT's investors," Parker Hudson, managing director, dispositions for Wells Real Estate Funds, says in a statement.
Ramsey March and Hayes Swann of DTZ Rockwood assisted Wells in marketing the property.
Wells owns three other properties in South Carolina: a 168,000-sf industrial asset at 111 S. Chase in Greenville; a 787,000-sf, two-building class A property in Duncan; and a 180,000-sf, five-story class A property completed in July as a build-to-suit for Decision One in Lancaster. The Duncan property is occupied by BMG Direct Marketing and BMG Music, and the Greenville property is occupied by Caterpillar, Inc.
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