Wells Buys Suburban Office Asset for $133 per SF

ATLANTA-Locally based Wells Real Estate Investment Trust has added an 87,219-sf, class-A office office building in Forsyth County to its portfolio. The REIT paid $11.6 million, or $133.28 per sf, for the 100% leased building at 4000 Johns Creek Court in Suwanee, GA, 30 miles northeast of Atlanta.

Wells refused to identify the seller but a published report says the property was owned by Duluth, GA-based Technology Park/Atlanta, Inc.

Two tenants occupy the building on long-term leases. Wells refused to disclose their terms. But a published report says Northfield, IL-based Kraft Foods, has a 10-year lease for 73,000 sf. PerkinElmer Instruments, the imaging technology subsidiary of Wellesley, MA-based Perkinelmer, Inc., has a 15-year lease on the remaining 14,219 sf.

The single-story building was completed in 2001 and is located on 10.9 acres in Johns Creek Park in the North Fulton/South Forsyth County area, near Georgia 400 and Interstate 85.