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Unlisted REIT Sells Florida Assets

Wells Real Estate Funds has sold two Class-A office buildings in Jacksonville for $24 million. Parkway Properties, a Mississippi-based REIT, bought the properties from Wells.

The Centurion Centre property includes 87,600 sq. ft. of rentable space. The other property, the BellSouth Building, has 92,272 sq. ft. of rentable space. Tenants in both towers include BellSouth, American Express and ADP Inc.

“These two properties have served the portfolios, and the real estate has appreciated over time,” says Kevin Hoover, managing director of portfolio management at wells real Estate Funds. Wells bought the land and co-developed the both four-story office towers in the mid-1990s.

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