News
WELLS CHASING BIGGER BUYS
September 8, 2011
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| Wells REIT's CIO Joe Oglesby tells us the CRE investment markets are in a ?transition phase? with more institutional money seeking product outside of the perennial favorites of NY and DC. All for the sake of chasing higher yields. (Wells is doing the same.) Joe is one of our panelists at Tuesday's Atlanta Capital Markets event at the Westin Buckhead Atlanta (hurry, tickets still availablehere). Core REIT has so far bought three assets in Texas, one in Denver, one in Chicago, and one in Ft. Lauderdale, all suburban, single-tenant offices, Joe says. Now with a line of credit through Regions and US banks, Wells will be chasing larger single purchases in the $70M to $80M range, he says. Atlanta is still on Wells' radar, but Joe tells us they haven't seen a single building come to market in Atlanta that works for them. |
