Wells Real Estate Funds
Wells Real Estate Funds has been a leading national real estate investment firm since its founding in 1984. Wells has invested more than $11 billion in real estate for more than 200,000 investors, and has managed over 49 million square feet of space in 231 buildings nationally.
Approach
In 2005, Wells decided to sell two investment properties located in Knoxville. Black Oak Shopping Center consisted of 68,000 square feet plus one outparcel. Wells had owned Black Oak since their founding in 1984. 1431 Centerpoint Blvd was a 71,000 square foot office building that had been acquired in 1990. Wells interviewed three brokerage firms and awarded the assignment to Realty Investment Services in conjunction with Cushman Wakefield of Nashville.
Results
Black Oak Center had the challenge of a high vacancy rate and competition from a newer Wal-mart anchored center. After a national marketing campaign, over 40 confidentiality agreements were executed and 8 letters of intent delivered to the owner. The property was sold to an Atlanta investment group.
1431 Centerpoint had originally been built as a single tenant call center and Wells had repositioned the asset as a multi tenant facility. Despite the short term leases, the superior location attracted great investor interest. After reviewing 7 letters of intent, the property was sold for $9,500,000 to Westminster Funds of Chicago.