Wells Real EstateTrust II has acquired the Weatherford Center, a 260,000 sq. ft., Class-A office building in Houston, Texas. The sale price was not disclosed.
The purchase is the first acquisition of Wells REIT II, which was launched in December by Norcross, Ga.-based sponsor Wells Real Estate Funds.
Wells REIT I and II are unlisted, meaning their shares sell at a fixed price rather than rising or falling with the market. Wells manages more than $5 billion in assets for 150,000 retail investors throughout the nation.
The 12-story West Loop building is fully occupied. Weatherford, an oil industry equipment and services firm, is the building’s anchor tenant.
"This is a great first acquisition by Wells REIT II, since it aligns with the stringent investment criteria we use in making every property purchase for the benefit of our investors," says David Steinwedell, chief investment officer with Wells Real Estate Funds.
The debut of Wells REIT II follows the closing of the initial Wells REIT to new investors. As of Dec. 31, all of the funds raised for the Wells REIT were fully invested. Since the Wells REIT was launched in 1998, more than 117,000 investors have invested in the Wells REIT, which raised more than $4 billion in equity.