Wells REIT II buys Pasadena Corporate Park

IndyMac signs for 10 years in sale-leaseback

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Wells Real Estate Investment Trust II Inc. has acquired Pasadena Corporate Park, a three-building, class A office/retail development, in a sale-leaseback with IndyMac Bank. The 265,000-square-foot complex, located in Pasadena, Calif., includes two three-story office buildings and a retail building. IndyMac Bank, the seller, occupies 71 percent of the property, and has signed a new 10-year lease. An unidentified tenant occupied the remaining 29 percent at the time of sale. ...