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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.