Wells REIT II buys suburban Chicago property

Wells Real Estate Investment Trust II purchased a class A office building known as The Corridors III, totaling nearly 222,000 square feet of space, in Downers Grove, Ill.

The value of the transaction was not disclosed.

The seven-story building is located on approximately seven acres of land.

The property was 92.9 percent leased at the time of sale and is home to four major tenants. It serves as the corporate headquarters of MAF Bancorp (parent of MidAmerica Bank), which recently signed a new 10-year lease to occupy 60 percent of the building. The other tenants include Toyota Motor Credit Corp. (9.75 percent of the building), Credit Suisse First Boston (9.21 percent), and Metropolitan Life Insurance Co. (9.17 percent). The average lease term for the property is about nine years.

Corridors III was developed in 2001 by Chicago-based The Alter Group as part of The Corridors office park.

Wells acquisitions focus on existing class A office and industrial properties, as well as corporate sale-leasebacks and build-to-suit projects.

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