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Home > BizTimes Daily > Archives > March 5, 2008
Park Place building sold
Published March 5, 2008 - BizTimes Daily
Wells Real Estate Investment Trust II, a real estate investment trust (REIT) owned by Norcross, Ga.-based Wells Real Estate Funds, announced today that it has purchased the 230,000-square-foot office building at 11200 W. Parkland Ave., Milwaukee, in the Park Place office complex, from Washington Mutual.
Financial terms of the transaction were not disclosed. 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.
