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AREA Property Sells Alabama Tower For $69M

AREA Property Partners has sold the Wells Fargo Tower, located in Birmingham, Alabama.

    AREA Property Partnershas sold theWells Fargo Tower, located in Birmingham, Alabama,Citybiz Real Estatereports. The property was sold by theValue Enhancement Fund Vto an affiliate ofCommonwealth REITfor $68.5 million.

    Wells Fargo Tower is a class A office tower, 76% occupied by key tenants, includingWells Fargo,Burr & Forman,Baker Donelson,Merrill Lynch,DeloitteandKPMG. On the transaction, the buyer was represented byAdam Spies,Michael McDonaldandKennedyHicksofEastdil Secured.

    Click here for the story fromCitybiz Real Estate.

    Click here for additional coverage fromBusiness Journal.

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