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Unlisted REIT Adds Midwestern Asset To Portfolio

Atlanta-based Wells Real Estate Investment Trust II added a five-story, 165,000 sq. ft. office building in Minnetonka, Minn., to its bursting-at-the-seams portfolio. JP Morgan Asset Management sold the property -- 5995 Opus Parkway -- for roughly $23 million. Wells REIT II is sponsored by parent Wells Real Estate Funds, whose programs own assets totaling more than $6.5 billion with roughly 30 million sq. ft. of space.

G&K Services, which manufactures branded business apparel, occupies roughly 62% of the building. The balance of the space is occupied by commercial real estate developer Opus Corporation and Virtual Radiologic Consultants.

According to David Steinwedell, Wells’ chief investment officer, the Minneapolis-St. Paul office market began to improve markedly in 2004. He also believes that the progress will continue through 2005.

5995 Opus Parkway sits on 8.9 acres in the Opus 2 Park and is connected via an open walkway to the Minneapolis Marriott Southwest Hotel. The building allows easy access to the Minneapolis-St. Paul ring-road system of I-494 and I-694, and is only 20 minutes from the Minneapolis-St. Paul International Airport.

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