Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

Wells VAF I is not subject to any material litigation nor to management's knowledge is any material litigation currently threatened against Wells VAF I.

Certain lease agreements include provisions that, at the option of the tenant, may obligate Wells VAF I to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant, including the following:

Building	Tenant	Tenant Allowance Obligation as of March 31, 2012
Parkway at Oak Hill Buildings	Wells Fargo Bank, N.A.	$0.2 million

In addition, Wells VAF I is contractually obligated to pay certain lobby and reciprocal easement rental expenses at the Commerce Street Building through December 31, 2083. As of March 31, 2012, the annualized lobby and reciprocal easement lease obligations were approximately $153,000. Further, Wells VAF I is contractually obligated to pay certain retail lease rental expenses at the Commerce Street Building through June 30, 2012. As of March 31, 2012, Wells VAF I's remaining retail lease obligation was approximately $13,000. The tenants at the Commerce Street Building currently reimburse Wells VAF I for a portion of these rental expense obligations.