Wells Real Estate Investment Trust II Inc. recently acquired the suburban Chicago headquarters building of OfficeMax, a five-story class A property leased to the retailer until 2016.
The value of the transaction was not disclosed.
The 354,000-square-foot building, located at 263 Shuman Blvd. in Naperville, Ill., was built in 1986 and recently renovated. It was fully leased at the time of sale to OfficeMax.
A partnership between GlenStar Properties and Prudential Real Estate Investors sold the asset, which is Wells REIT II’s fifth acquisition in metro Chicago.
“We’re very pleased to add another quality property in the Chicagoland area,” said Spencer Patton, senior vice president, acquisitions, for Wells. “This is squarely in Chicago’s East-West Corridor, one of the area’s most desired submarkets.”
Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II now has 49 buildings in 17 states (including Washington, D.C.), totaling more than $2.6 billion (based on purchase price) and covering more than 11 million square feet.