Wells REIT Sells Videojet Building near Chicago
Building Appreciated In 7+ Years
NORCROSS, Ga. (Mar. 29, 2007) -- Wells Real Estate Investment Trust Inc. announced today the sale of Videojet Technologies’ headquarters building in the Chicago suburb of Wood Dale, Ill.
The property was purchased by Prudential Real Estate Investors on behalf of a single client account; terms were not disclosed. Videojet, a leading manufacturer of coding, printing and laser marking products, remains in the building under a 15-year lease signed last fall.
Wells REIT purchased the 250,000-square-foot flex office/industrial facility at 1500 Mittel Blvd. in 1999. “Videojet has been an excellent tenant for this facility, which has served our portfolio well over more than seven years,” said Sharon Ward, vice president, Capital Markets, for Wells Real Estate Funds. “To best serve our investors, we thought the time was right to realize the gain from this property.”
Wells was assisted by Paul Lundstedt and John Gavin of Cushman & Wakefield. Prudential was represented by Colette English Dixon.
Wells REIT is a public, nontraded REIT specializing in office properties. The REIT now has 82 buildings in 23 states (including Washington, D.C.), totaling approximately $4.5 billion based on purchase price and covering more than 21 million square feet. Across the portfolio, Wells REIT properties are 95 percent leased.
Wells Real Estate Funds is a national real estate investment company based in suburban Atlanta. Since 1984, more than 200,000 people have invested in Wells-sponsored investment programs through their financial representatives. Collectively, these programs own some $9.5 billion in assets totaling more than 39 million square feet of space. For more information, see www.wellsref.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding Wells’ use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. Wells REIT is closed to new investors.