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 and every 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. In 2006, we reviewed 667 potential acquisitions, representing more than $57 billion in transactions. Of these, we closed on only 1%-2% of the deals we reviewed. This relatively small number is indicative of the selectivity of our portfolio.
Wells REIT II is often approached with buying opportunities that aren't actively marketed to the larger real estate community. Many sellers want to do business with us because of our considerable reputation, experience, and ability to pay cash for most, if not all, of the purchase of a property. Unlike some other buyers, we aren't usually dependent upon heavy financing and credit in order to close on a deal.
Before acquiring a property, the Acquisitions team performs a stringent and highly selective review. Each property under consideration is evaluated by property value, its fit with Wells REIT II's investment strategy, its ability to diversify the portfolio, the credit ratings of the tenants, and many other factors that would contribute to its attractiveness as an acquisition.
Each property undergoes an underwriting review; on-site inspection, appraisals, and surveys; tenant interviews; and property tours.
Don Henry Leads the Acquisitions team.
Don Henry is Chief Real Estate Officer and Managing Director, Asset Management, with Wells Real Estate Funds. He oversees a team whose responsibilities include performing due diligence on acquisition targets, developing and implementing long-term investment strategies for each property, executing value-added strategies, and positioning properties for sale. Prior to joining Wells in 2002, Don was a Principal, Portfolio Management, with Lend Lease Real Estate Investments Inc., where he was responsible for public and corporate pension funds with $800 million in managed assets. In this capacity, he designed and implemented investment and leverage strategies based on client investment objectives and capital/real estate market fundamentals. From 1995 to 1999, Don was Vice President, Asset Management/Retail Group for Lend Lease, where he asset-managed seven regional malls with a combined value of $430 million. He was directly responsible for overseeing the property management, leasing, marketing, legal, and construction functions of each property.
Don began his career with Deloitte & Touche LLP, where he was a senior manager in the firm's emerging business services group. He is a chartered financial analyst and a certified public accountant.
