Wells acquires 58th property. (Suburban Markets).Wells Real Estate Investment Trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) acquired its 58th property, located at 5000 Corporate Court in Holtsville, N.Y. The property is leased to the General Services Administration The General Services Administration (GSA) was established by section 101 of the Federal Property and Administrative Services Act of 1949 (40 U.S.C.A. § 751). The GSA sets policy for and manages government property and records. (GSA (1) (Global mobile Suppliers Association, Sawbridgeworth, U.K., www.gsacom.com) A membership organization of suppliers of GSM products and services. Its goal is to promote GSM as the worldwide mobile communications standard. See GSM Association and GSM. ) on behalf of the Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ). The property is one of only eight IRS processing and collection facilities in the country, handling over $165 billion per year. The facility is situated on 37 acres m central Long Island and was developed as a model campus for the IRS. It consists of a two-story building containing 238,400 SF along with 1,875 parking spaces, as well as a separate 9,999-SF daycare facility. "We are very pleased to add the IRS-Holtsville property to the Wells portfolio," said David Steinwedell, Wells' chief investment officer. "In addition to the buildings that the IRS now leases, the property also provides space to develop an additional 100,000 SF of office or 200,000 SF of warehouse space to service the future needs of the IRS or another prospective user." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion