Wells Real Estate Investment Trust II Inc. has completed the purchase of the LakePointe Corporate Center Five in Charlotte, N.C., along with a sister building currently under construction, LakePointe Corporate Center Three.
The two properties were purchased from LakePointe Corporate Center Associates, a partnership between Childress Klein Properties and TIAA-CREF. The value of the transaction was not disclosed.
Built in 2001, LakePointe Corporate Center Five is a class A, four-story, multitenant office building encompassing 111,847 square feet. LakePointe Corporate Center Five was 100 percent occupied at the time of sale, with the largest tenant, Lash Group, occupying 69 percent of the space. Lash Group is a business unit of AmerisourceBergen Corp., one of the largest pharmaceutical services companies in the United States.
LakePointe Corporate Center Three was 40 percent preleased at the time of sale to Lash Group and Centex Construction. LakePointe Corporate Center Three is being developed by Childress Klein Properties and is targeted for completion in mid-2006.
With this acquisition, Wells REIT II now has 45 buildings in its portfolio in 16 states (including Washington, D.C.), totaling over $2.4 billion (based on purchase price) and covering over 10 million square feet.
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