Wells is led by a team of highly experienced real estate professionals with many years of experience in commercial real estate and investments.
Dispositions
It's as important to know the right time to sell a property as it is when to buy it.
The Dispositions team, in conjunction with Asset Management, Portfolio Management, the Investment Committee, and the Board of Directors, carefully monitors and evaluates each property with the following questions in mind:
- How long have we owned the property and how much income has it produced over the holding period?
- Has the lease recently been renewed, and what are the prospects for further increased value in the near-term?
- Has the market around the property changed since acquisition?
- Are there other properties or markets that we now prefer to this one?
- What do we think the property will sell for today?
When considering a sale, the Dispositions team reaches out to highly regarded commercial real estate brokers in each local market for an analysis of probable sales value. If it’s in the best interest of our investors to sell, the Dispositions team lists the property for sale, and the marketing begins. It is important to note that Wells almost never does a direct sale; our commitment to stewardship means that we want to test the market through the competitive process to help ensure the highest possible value at any given time. Sales proceeds are generally reinvested in new properties to provide additional income potential.
The Dispositions team has an admirable track record. In 2005, Wells successfully orchestrated the largest single transaction in nontraded REIT history with the sale of 27 properties to Lexington Corporate Properties Trust. In total, Wells has now sold over $1.1 billion in real estate assets from all of its investment programs.
Parker Hudson Leads the Dispositions team.
Parker Hudson is responsible for leading the real estate dispositions strategy at Wells. He brings more than 30 years of experience in all aspects of commercial real estate brokerage, consulting, and development. Prior to joining Wells in April 2003, Parker was Vice President of Investment Sales with Carter & Associates, where he was an investment broker in the firm's Atlanta office. Prior to his experience with Carter, Parker led a firm that provided commercial real estate services in Moscow, Russia. In 1997, he was personally involved in the sale or lease of more than $50 million worth of properties in Moscow and Kiev
