REIT's $50m commons touch.Wells Real Estate Investment Trust II Inc. has completed the purchase of Tampa Commons, a 13-story Class-A, multi-tenant office building consisting of approximately 255,000 s/f. The property, which is located at 1 N. Dale Mabry Highway Dale Mabry Highway is a north-south road in Tampa, Florida. The majority of its length consists of three lanes each direction plus a central turn-lane and often includes a right-turn lane. The speed limit for most the length is 45 MPH. in the Westshore business district of Tampa, was purchased from OIK OIK Ornamental Iron of Kalamazoo (Kalamazoo, Michigan) OIK Option Installation Key , a German investment group, reportedly for $50 million. The building, which was constructed in 1984, currently is over 99 percent leased. The largest tenant, occupying over 48 percent of the property, is Time Customer Service, the customer fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. services arm of Time Inc., a subsidiary of Time Warner, which carries a BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. + rating by Standard & Poor's. "This transaction provides Wells REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). II with a Class-A building in a desirable location in the Tampa metropolitan area at a price near replacement cost," said David Steinwedell, chief investment officer for Wells Real Estate Funds. Mike Davis of Cushman & Wakefield represented the seller in this transaction. |
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