Wells REIT II buys Pasadena Corporate Park

Wells Real Estate Investment Trust II Inc. has acquired Pasadena Corporate Park, a three-building, class A office/retail development, in a sale-leaseback with IndyMac Bank.

The 265,000-square-foot complex, located in Pasadena, Calif., includes two three-story office buildings and a retail building.

IndyMac Bank, the seller, occupies 71 percent of the property, and has signed a new 10-year lease. An unidentified tenant occupied the remaining 29 percent at the time of sale.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.