Wells Core Office Income REIT acquires property in Bloomingdale
November 30, 2010 | Staff Writer | Print Article | Email this Article
Wells Core Office Income REIT announced today it has acquired the Bridgestone building in Bloomingdale, Ill., its second office property in as many months.
The property serves as divisional headquarters for Bridgestone Corp.’s retail operations, and is leased to the tire giant through November 2018. Built in 2001, it contains 71,000 square feet and is located at 333 East Lake Street, near Chicago O’Hare International Airport and adjacent to Medinah Country Club.
Wells acquired the property from Hamilton Partners in a negotiated transaction. The REIT made its first acquisition last month, in suburban Dallas.
“This makes two quality properties in a month for this new portfolio,” said Don Henry, chief real estate officer of Wells Real Estate Funds, advisor to the REIT, in a released statement. “We’re very pleased to be in metro Chicago, one of the country’s top business centers, with a high-quality corporate tenant like Bridgestone.”
Wells was represented internally by Peter Mitchell, senior vice president, Capital Markets. Hamilton was represented by Jones Lang LaSalle. Terms were not announced.
Tags | Chicago, Jones Lang LaSalle, Office, sale, Wells Core Office Income REIT
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Cole Capital just acquired some office real estate recently as well, but in Oklahoma and Nebraska.
Another new REIT available that specializes in office real estate is a new Cole REIT. I believe it also specializes in industrial real estate as well. @ Marie do you know if there have been any acquisitions for this new REIT yet since it’s a Cole Capital REIT?