Investment Sales
Wells Real Estate Funds is a national real estate investment firm. Since its founding in 1984 Wells has invested more than $11 billion in real estate for over 200,000 investors and has managed over 50 million square feet of space in 244 properties nationally. Our services were retained in selling a large class A office building for Wells Funds through Collier International's Atlanta affiliate. Colliers International is a full service real estate company with 293 offices in 61 countries.
Approach
An 84,400 square foot single tenant office building in the Centerpoint Business Park in West Knoxville was an asset the Wells Funds wished to dispose. Working with Colliers and utilizing Real Capital Markets, the online link between institutional real estate owners, investors and the capitals markets, a marketing campaign was developed and communicated nation-wide for the property. After twelve weeks a call for offers was made and Lexington Realty Trust emerged as the buyer. Lexington Realty Trust is a leading investor in single tenant commercial properties with interests in 311 properties encompassing over 49 million square feet in 44 states.
Results
This asset disposal produced a sales price of $12 million for Wells Real Estate Funds which was one of the largest purchases in the Centerpoint Business Park and produced a 7.75 cap rate for the buyer. Wells Funds was very satisfied with the process, timeline and sales price.