(To read more on the net lease market, click here.)
INDIANAPOLIS-Principal Life Insurance has extended its lease to 2014 at College Park Plaza. The lease extension follows the earlier assignment of the lease to Principal Life from its affiliate, J.F. Molloy & Associates, which has been utilizing 55,000 sf of the 179,000-sf building at 8909 Purdue Rd.
"Having Principal on the new lease obviously enhances the credit picture at the property even further," says Don Henry, managing director, asset management, Wells Real Estate Funds. He notes that Principal Life is rated "AA" by Standard & Poor's.
The property, acquired last year by Wells REIT II, is 100% leased. Other tenants at College Park Plaza include Cardinal Health, Republic Airways Holdings and the US Department of Agriculture. The REIT is an investment vehicle for Georgia-based Wells Real Estate Funds.
Wells was represented by Joel Williamson, vice president, asset management, along with Michael Semler of Colliers Turley Martin Tucker. Principal was represented by Chris Smith of Des Moines, IA-based Terrus Real Estate Group.
Most recently, Wells REIT II acquired the suburban Chicago headquarters building of OfficeMax, a 354,000-sf, five-story class A property. The REIT has approximately 75,300 investors.
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