Wells Real Estate Investment Trust II completed the purchase of Manhattan Towers, two class A office buildings totaling 310,000 square feet, in Manhattan Beach, Calif.
The value of the transaction was not disclosed.
Manhattan Towers is located just one mile east of the Pacific Ocean, two miles west of the San Diego (405) Freeway, and only three miles from the Los Angeles International Airport.
The six-story multitenant buildings were 97 percent occupied at the time of sale. Major tenants include Northrop Grumman Space Technology and Mission Systems sectors, a subsidiary of Northrop Grumman Corp., which occupies 76 percent of the building on a long-term lease. Northrop Grumman is one of the largest military contractors in the world.
Wells Real Estate Funds is a national real estate investment management firm that purchases existing class A office and industrial properties.
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