Wells Real Estate Investment Trust II has completed the purchase of Emerald Point, a class-A office building totaling approximately 194,000 square feet of space in Dublin, Calif.
The value of the transaction was not disclosed.
The four-story building is located on nearly 10 acres of land in one of Northern California’s fastest-growing markets. This marks the 12th acquisition by Wells REIT II, which has purchased about $850 million of class-A office and industrial properties in 2004, according to a press statement.
Lowe Enterprises Real Estate Group, on behalf of one of its institutional clients, was the seller of Emerald Point.
At the time of sale, Emerald Point was 100 percent leased to SBC Communications, (which occupies 75 percent of the space) and to Franklin Templeton Investments (25 percent of the building).
Wells Real Estate Funds, the sponsor of Wells REIT II, is a national real estate investment management company.
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