AREA Property Sells Alabama Tower For $69M
AREA Property Partners has sold the Wells Fargo Tower, located in Birmingham, Alabama.
AREA Property Partners has sold the Wells Fargo Tower, located in Birmingham, Alabama, Citybiz Real Estate reports. The property was sold by the Value Enhancement Fund V to an affiliate of Commonwealth REIT for $68.5 million. Wells Fargo Tower is a class A office tower, 76% occupied by key tenants, including Wells Fargo, Burr & Forman, Baker Donelson, Merrill Lynch, Deloitte and KPMG. On the transaction, the buyer was represented by Adam Spies, Michael McDonald and Kennedy Hicks of Eastdil Secured.
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