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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription