Wells Real Estate Investment Trust II Inc. today announced it has acquired SanTan Corporate Center, a two-building office complex in suburban Phoenix, Ariz.
The value of the transaction was not disclosed.
SanTan, constructed in 2000 and 2003, is located at the 101 Loop and Ray Road in Chandler, Ariz., some 20 minutes southeast of downtown Phoenix. The lead tenant for the 268,000-square-foot complex is Toyota Motor Credit Corp., which recently extended its lease through 2011, and will be expanding its presence in the complex over the next several months.
“This is Wells REIT II’s first property in the Phoenix market, and it’s an excellent addition to the portfolio,” said Ray Owens, managing director, capital markets, for Wells Real Estate Funds. “It’s a true class A property with a superior lead tenant in Toyota.”
With Toyota and 19 other tenants, the buildings were 100 percent leased at the time of sale.
The seller was RREEF, which co-developed the property.
Wells REIT II is a public, nontraded REIT specializing in office properties. Wells REIT II now has 47 buildings in 17 states (including Washington, D.C.), totaling more than 11 million square feet.