UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) | March 12, 2012 |
Wells Mid-Horizon Value-Added Fund I, LLC
(Exact Name of Registrant as Specified in Charter)
Georgia | 000-53626 | 20-3192853 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
6200 The Corners Parkway, Norcross, Georgia | 30092-3365 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code: (770) 449-7800
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01. Entry into a Material Definitive Agreement
Execution of a Purchase and Sale Agreement
On March 12, 2012, Wells Mid-Horizon Value-Added Fund I, LLC (the “Registrant”) entered into an agreement to sell two separate two-story office buildings containing a combined total of approximately 146,000 rentable square feet and a three-story parking garage located in Austin, Texas (the “Parkway at Oak Hill Buildings”) to Rorasa, Inc., an unaffiliated third party, for a gross sales price of $31,500,000, exclusive of adjustments and closing costs. An earnest money deposit of $300,000 is due from Rorasa, Inc. within three business days and will become non-refundable on April 9, 2012, the current expiration date of the inspection period, unless extended. If the inspection period is extended, $100,000 of the initial earnest money deposit becomes non-refundable. The Registrant expects the closing of this transaction to occur during the second quarter of 2012; however, there are no assurances regarding when or if this sale will be completed. The Registrant owns 100% of the Parkway at Oak Hill Buildings.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
WELLS MID-HORIZON VALUE-ADDED FUND I, LLC (Registrant) | ||
By: | WELLS INVESTMENT MANAGEMENT COMPANY, LLC (Manager) | |
March 14, 2012 | /s/ DOUGLAS P. WILLIAMS | |
Douglas P. Williams Principal Financial Officer, Senior Vice President, Secretary and Treasurer of Wells Investment Management Company, LLC | ||