KANSAS CITY, MO-Orix Real Estate Capital Inc. and Boulder Net Lease Funds LLC, both based in the Chicago area, have joined in a venture to buy a 146,591-sf office facility that was formerly owned by computer giant Gateway. The building is now leased as a call center by the Sprint Nextel Corp., which has nine years left on its lease. The property was purchased for about $13 million.

The property had been a larger complex owned by Gateway. However, the company consolidated its real estate and vacated most of the space, using some still as a call center until Sprint moved in. Another 67,000-sf building was sold to Kansas City, MO for $5 million in June 2005.

Eric Wollan, SVP of acquisitions for Orix, says his company is working together with Boulder on a number of these types of deals. “We have a program where we're going out jointly to buy single-tenant assets, typically smaller buildings,” he tells GlobeSt.com. “It's our goal to assemble a number of these $7 million to $20 million assets, with a geographic and property mix, office and industrial. We expect to continue this program for the next couple years.” He says there is not a dollar figure set to attain for the joint venture program.