MELBOURNE, FL—In a sign that Brevard County may see more private companies investing in and moving to the area, Wells Fargo just sold a bank-owned office building for $1.85 million. Wells Melbourne, REO, a private fund out of Florida snapped up the 34,123-square foot Melbourne Corporate Center.

Susan Morris and Kane Morris-Webster of Colliers International Central Florida represented the seller, serviced through Berkadia Commercial Mortgage, in the transaction. The two tenants are a defense contractor in the information technology field and Webster University.

“We were never lacking interest on this building but getting seller and buyers to agree on value was the most difficult issue,” Morris tells GlobeSt.com. “This was a challenge even though the building was 80% occupied at today's market rent—buyers are still looking for a discounted replacement value.”