Wells is led by a team of highly respected real estate professionals with many years of experience in commercial real estate and investments.
Acquisitions
The Wells Acquisitions team carefully evaluates each property purchased for the portfolio. Our rigorous acquisitions process helps ensure that we purchase high-quality properties that meet Wells REIT II’s investment objectives. The team reviews far more properties than it submits bids for. Across all Wells investment programs, for example, the Team reviewed a total of 6,068 deals between January 2003 and December 2009. Of these, only 971 offers were made and 116 transactions were completed. This relatively small number (1.9% of all deals reviewed) is indicative of how selective the process is for the portfolio.
Before acquiring a property, the Acquisitions team performs a stringent and highly detailed review. Each property under consideration is evaluated by its value, its fit with Wells REIT II’s investment strategy, its ability to diversify the portfolio, the credit ratings of its tenants, and many other factors that would contribute to its value as an acquisition.
Each property undergoes an underwriting review; property condition report; appraisal; and survey and tenant interviews during the due diligence period.
Joseph P. Oglesby leads the Capital Markets team responsible for Acquisitions.
Joe Oglesby is Chief Investment Officer with Wells Real Estate Funds. He oversees the Capital Markets group, which includes the acquisition, disposition, and real estate finance functions. Prior to joining Wells in 2003, Mr. Oglesby was Senior Vice President of Development with Jones Lang LaSalle, where he was responsible for commercial development activities focusing on suburban office and warehouse/distribution products in Atlanta and selected Florida cities. He also served as Regional Partner with Faison in Jacksonville, Florida, from 1993 to 1997, and as Vice President of Portman Properties prior to that.
Mr. Oglesby is a licensed real estate broker in Georgia and Florida. He has been a member of the National Association of Industrial and Office Properties since 1980 and served on the Board of Advisors for the Metro Atlanta Chamber of Commerce from 2001 to 2002. He has a B.S. in Industrial Engineering from the Georgia Institute of Technology and an M.B.A. in Finance from Georgia State University.
