Wells REIT II Acquires Sterling Commerce Center, Columbus, OH
Four-Building, 322,000 s/f Campus is HQ of AT&T Subsidiary
NORCROSS, Ga. (March 10, 2010) - Wells Real Estate Investment Trust II, one of the nation's leading office REITs, announced today it has acquired the headquarters of AT&T subsidiary Sterling Commerce in suburban Columbus, Ohio.
The Sterling Commerce Center campus includes four Class-A office buildings totaling more than 322,000 square feet. The buildings are leased to Sterling Commerce until 2020.
"Given the slowdown in Class-A real estate transactions in 2009, we are especially thrilled to add a property of this caliber to the Wells REIT II portfolio," said chief real estate officer Don Henry.
Wells acquired the property from Duke Realty Corporation. Terms were not announced. Wells was represented internally by Peter Mitchell, senior vice president, Acquisitions. "This property represents a well-located asset, leased long-term to a top-tier tenant," Mitchell said.
The complex, constructed from 1990-98, is located along Lakehurst Court and Emerald Parkway near Interstate 270 in Dublin, Ohio, northwest of Columbus.
Sterling Commerce provides business and e-commerce software to customers around the world, including more than 80 percent of the FORTUNE® 500.
Wells REIT II, a public nontraded REIT specializing in office properties, now has 89 buildings in 23 states, Washington, D.C., and Moscow, covering more than 20 million square feet. Across the portfolio, Wells REIT II properties are 93 percent leased.
Wells Real Estate Funds is a national real estate investment company based in suburban Atlanta. Since its founding in 1984, Wells investment offerings - current and closed - have invested more than $12 billion in real estate for more than 250,000 investors. For more information, see www.wellsref.com; for more information on Wells REIT II, visit www.wellsreitII.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. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers of this press release should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, changes in general economic and business conditions, industry trends, changes in government rules and regulations (including changes in tax laws), and increases in interest rates. 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. This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by prospectus. For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092 (tel. 800-448-1010). SEC filings:http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001252849&owner=include.
