Park Place building sold
Wells Real Estate Investment Trust II, a real estate investment trust (REIT) owned by Norcross, Ga.-based Wells Real Estate Funds, announced that it has purchased the 240,000-square-foot office building at 11200 W. Parkland Ave., Milwaukee, in the Park Place office complex, from Washington Mutual.
Terms of the deal were not disclosed. The building has an assessed value of $20 million according to city of Milwaukee records. It is the first property in Wisconsin acquired by the REIT.
The 18-year-old building is fully leased to Wells Fargo and the lease will not expire until 2016.
"We were very pleased to acquire this well-leased property below the projected replacement value," said Peter Mitchell, senior vice president of acquisitions for Wells Real Estate Funds.
