Press Release

Wells Announces New Lease with Caterpillar at Greenville, S.C.

FORTUNE 500 Firm Leases 168K-sf Warehouse; Strengthens Positioning for Hold or Sale

NORCROSS, Ga. (Nov. 17, 2006) - Wells Real Estate Funds today announced the lease of a 168,000-square-foot warehouse facility in suburban Greenville, S.C., to Caterpillar Inc.

Caterpillar, a FORTUNE 100 company rated "A" by Standard & Poor's, will lease the property at 111 Southchase Blvd. in Fountain Inn, S.C., through 2011. The property is owned by a joint venture of three Wells investment funds, and was most recently leased by Eybl Cartex, a manufacturer of auto seats.

"Any landlord seeks quality tenants for their properties, and Caterpillar's credentials are superb," said Patti Morris, Wells' regional manager, asset management. "We feel the value of this property is enhanced with a tenant such as Caterpillar under lease, and this only strengthens the positioning of the property for either holding or a possible sale."

The property was built in 1989, and acquired by Wells in 1999. Givens B. Stewart of Colliers Keenan represented Wells.

Wells Real Estate Funds is a national real estate investment management company that has served more than 200,000 investors and their financial representatives since 1984. Wells-sponsored programs own more than $8 billion in assets (based on purchase price) totaling more than 39 million square feet. For more information, see www.wellsref.com.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding Wells" use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. Wells REIT is closed to new investors. Wells Limited Partnership funds are closed to investors.