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Wells Picks Up East Bay Asset for $44M

DUBLIN, CA-Wells REIT II acquires Emerald Point, a 194,000-sf class A office building that is 100% leased by two tenants. The seller was an institutional client of Lowe Enterprises Real Estate Group.

By Brian K. Miller | Updated on October 17, 2004

DUBLIN, CA-Wells Real Estate Investment Trust II Inc. has acquired Emerald Point, a 194,000-sf class A office building here that is 100% leased. SBC Communications occupied 75% of the four-story building and Franklin Templeton Investments occupies the remaining 25%.Neither Wells nor the seller, an institutional client of Lowe Enterprises Real Estate Group, revealed the sale price. Local sources familiar with the transaction tell GlobeSt.com the purchase price was about $44 million. Emerald Point was developed in 1999 by Opus West. The 10-acre development has a parking ratio of 5.6 spaces per 1,000 sf of lettable space, which is substantially higher than the area average.The building marks the 12th acquisition by Wells REIT II. So far this year, the REIT has purchased about $850 million of class A office and industrial properties. Wells REIT II is sponsored by Wells Real Estate Funds, a national real estate investment management firm that buys on behalf of its own programs. Those programs own some 30 million sf of space valued at more than $6 billion. Wells was the largest purchaser of class A office and industrial real estate in 2002 and 2003, according to New York-based Real Capital Analytics.Last month, Wells REIT II paid Cousins Properties $172.5 million for four 99%-leased buildings totaling 832,000 sf in Cousins’ 2.5-million-sf Wildwood Office Park. The park is located northwest of Atlanta, just outside the Interstate 285 perimeter loop near Interstate 75. Major tenants in the four-building portfolio are Coca-Cola Enterprises, General Electric Co. and BlueLinx Corp. All of the tenants are reportedly on long-term leases.

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