Wells Focuses on Southern California Properties

After buying more than $1 billion worth of Class-A office property so far this year, the Wells REIT now says it will buy $500 million more — all of it Southern California. This acquisition spree will be focused on properties near Los Angeles, Orange County and San Diego.

Article Tools

Latest News

More Latest News

This won’t be the first time that Wells, which pays cash for its properties, has bought office buildings in the region. In December, Wells paid nearly $160 million for Glendale’s Nestle Building. Nestle occupies the entire 545,000 sq. ft.

Overall, Wells plans to acquire $2.5 billion of new office property by the end of this year. Real Capital Analytics pegged the Wells REIT as the single biggest buyer of office property last year.

Wells, along with unlisted REITs such as Inland and CNL, are aggressively buying properties this year as many conventional players wait on the sidelines. Unlike their counterparts in the listed REIT universe, these unlisted REITs have been raising funds at aggressively and pouring the capital into new acquisitions.


Acceptable Use Policy
blog comments powered by Disqus

Photo Galleries

Hudson Yards Development

http://nreionline.com/photo_gallery/hudson_yardsCheck out images for Coach's new global headquarters, which will anchor the initial tower of the Eastern Rail Yards site within the 26-acre mixed-use Hudson Yards Development on Manhattan's far West Side.

Outstanding Women in Commercial Real Estate

From housing low-income families in Southern California to closing some of Manhattan's largest office leases, women leaders are using commercial real estate as a platform to reshape communities while they drive investor returns.

Click here to view more photo galleries.

Videos

2012 MBA CREF/Multifamily Housing Convention & Expo Video Blogs

http://nreionline.com/video/mba2012_thumbnail.jpgCheck out the Vlogs from the 2012 MBA CREF/Multifamily Housing Convention & Expo from JLL...

 

Click here to view more videos.


Blogs


Traffic Court

BlackSwan

http://nreionline.com/nrei-300x125-house-091211-resourcebook-jpg.jpg

This Week's Most Popular

Current Issue

NREI Newsletters

Join the Conversation