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Prentiss Picks Up 350,000-SF Office Complex for $60M-Plus

CONCORD, CA-The operating partnership of the Dallas-based office and industrial REIT acquires all of the outstanding limited partnership interests in the entity that owns 1200 and 1220 Concord Ave., which is occupied mostly by Wells Fargo Bank.

By Brian K. Miller | Updated on August 18, 2005

CONCORD, CA-Prentiss Properties Trust has acquired the limited partnership interests in Concord Plaza Airport Associates LP, owner of a two-building complex here containing about 350,000 sf of rentable space. The anchor tenant at the complex is Wells Fargo Bank.

The Dallas-based office and industrial REIT’s operating partnership, Prentiss Properties Acquisition Partners LP, acquired the buildings for an aggregate consideration of $60.6 million, according to an SEC filing. The consideration included the issuance of 547,262 common partnership units of Prentiss Properties Acquisition Partners, the assumption of an existing $39.5-million on-recourse mortgage, and the assumption of $3.55 million of current obligations. The mortgage bears interest at 7.2%, has a 25-year amortization schedule and a maturity date of Jan. 1, 2012.

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