RealtyBizNews: Real Estate News

Wells Snap Up Two Fresco Office Buildings for $49 Million

The purchase of two major office buildings in Frisco by a Georgia-based investor was announced yesterday.

Wells Core Office Income REIT Inc.  announced that they had agreed a $49 million deal to purchase the Duke Bridges buildings I & II, which currently lease more than 90% of their office space to T-Mobile USA.

Duke Bridges II building. Courtesy of Duke Bridges

Built in 2006 and located at 7668 Warren Parkway, the three story buildings contain 284,200 square feet of office space.

“Going by the current conditions of the buildings, we do not think it is necessary for us to carry out any significant renovation work on the Duke Bridges I & II Buildings,” said Wells in a filing released to the Securities and Exchange Commission.

The two properties were originally developed by Duke Realty, a commercial real estate firm based in Indianapolis, and were listed for sale by the Holliday Fenoglio Fowler LP group.

Wells Real Estate Funds. Courtesy of PR Web

The purchase of the Duke Bridges buildings was funded by money raised through a public offering, and a combination of debt, said Wells. According to the investment firm, the purchase price was significantly less than what it would cost to replace the two buildings.

Wells Real Estate already has significant commercial real estate holdings in the North Texas area; their portfolio includes 919 Hidden Ridge, Royal Ridge V and the Sterling Commerce Building, amongst others.

 

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