Fund's Class A-ct.Wells Real Estate Investment Trust II. Inc. has completed the purchase of four Class-A office buildings totaling more than 832,000 square feet of space in suburban Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. . The four buildings are part of a 2.5-million-square-foot office park known as Wildwood Wildwood, city (1990 pop. 4,484), Cape May co., SE N.J., on an island off Cape May; settled 1882, inc. as a city 1911. It has large commercial fisheries and is a popular summer seaside resort with many vintage motels and other buildings from the 1940s–60s. ; located northwest of Atlanta just outside the 1-285 perimeter The boundary of a system or network, which defines the inside and outside. It is typically determined by firewalls and addresses. See DMZ. loop near 1-75. Wildwood was developed by Atlanta-based Cousins Properties Inc, starting in the early 1980s. Major tenants in the portfolio include Coco-Cola Enterprises and General Electric Company, leasing 27% and 32% of the total space, respectively. Also, BlueLinx Corporation. which earlier this year acquired the building products distribution business of Georgia-Pacific Corporation, occupies 30% of the total space. All three companies are on tong-term leases. At the time of the acquisition, the four buildings were 99% leased. "This portfolio acquisition on behalf of our Wells REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). II investors really fits our primary criteria of quality, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. tenants, in Class-A assets, in great locations.'" said David Steinwedell. Chief Investment Officer at Wells. |
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