Wells Real Estate Investment Trust II Inc. acquired the 139,445-square-foot regional headquarters of life-insurance provider Aetna in Arlington, Texas.
The value of the transaction was not disclosed.
Wells purchased the three-story, class A property from Principal Real Estate Investors, the real estate investment arm of Principal Global Investors. The building, located at 4300 Centreway Place, was built in 1998. The tenant, Aetna Life Insurance Inc., is one of the nation’s insurance leaders.
“We think this is an excellent investment opportunity for our investors,” said Jeff Gilder, managing director, acquisitions, for Wells Real Estate Funds. “We like the Dallas-Fort Worth region, and the Mid-Cities submarket is one of the healthiest office locations in the area.”
Mid-Cities and Far North Dallas lead the region this year in terms of net absorption, Gilder said. Wells REIT II, a public, nontraded REIT, owns more than 50 buildings nationwide, including four in metro Dallas.