The cap rate was estimated at about 7.5% with a 14% average yield after debt service, Jackson tells GlobeSt.com. Wells was assisted with the sale by Tom Shafer, of resource Real Estate Partners.
Randstad Staffing Services Inc., an international staffing company, has a lease for the entire building until 2013, says Robert Byrd, vice president of corporate communications for Wells. Wells purchased the building in 2003 for $6.5 million, Byrd says. Wells sold the property because "We saw an opportunity to realize some value for our investors," he says. There were a number of bidders for the property but Byrd would not disclose how many.
The four-story building sits on 2.9 acres and was built in 1985. According to SEC filings, the annual lease rate for the building is $646,000, which will have a 2% annual increase each year starting in 2009. The annual lease rate in 2013 will be $713,000, according to the SEC filing.
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