Sunday, October 10, 2010
NORCROSS, GA – Wells Core Office Income REIT announced its first property acquisition: a Class-A office building in suburban Dallas, fully leased to JPMorgan Chase.
Royal Ridge V, with 119,000 square feet, is located at 3929 John W. Carpenter Freeway in Irving, Texas, in the popular business submarket of Las Colinas and adjacent to Dallas-Fort Worth International Airport (top left photo). The three-story building was constructed in 2005.
“This first acquisition is a good example of our strategy for Wells Core REIT – core office real estate, leased to investment-grade tenants at quality locations,” said Don Henry (middle right photo), chief real estate officer, Wells Real Estate Funds, advisor to the REIT.
“We’re very pleased to launch our portfolio with a great tenant like JPMorgan Chase,” Henry added. The banking giant is under lease until 2020.
Wells acquired the property from Brookfield Real Estate Opportunity Fund II, which acquired it from JPMorgan Chase earlier this year.
Wells was represented internally by Keith Willby, senior vice president, Capital Markets. Brookfield was represented by CB Richard Ellis. Terms were not announced.
Wells Real Estate Funds, manager for Wells Core REIT, is a national real estate investment company based in suburban Atlanta. Since its founding in 1984, Wells investment programs – current and closed – have invested more than $11 billion in real estate for more than 250,000 investors.
For more information, see http://www.wellsref.com/; for more information on Wells Core REIT, visit http://www.wellscorereit.com/
For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092-3365 (tel. 800-448-1010). SEC filings: http://www.wellscorereit.com/
Media Contact: Margot Olcay, Rubenstein Associate, (212) 843-8284, firstname.lastname@example.org