Wells REIT II has purchased Emerald Point, a 194,000 sq. ft. office building in Oakland, Calif., for roughly $44 million. The four-story office building was owned by Lowe Enterprises Real Estate Group on behalf of an institutional client.
The property is fully leased to SBC Communications, Inc. Franklin Templeton Investments subleases 25% of the building’s office space.
"We definitely waited until we found the right opportunity to purchase a great building with quality tenants in place in the northern California market. This area has strong, long-term growth potential and this purchase further strengthens Wells REIT II’s growing portfolio of assets," says David Steinwedell, chief investment officer at Atlanta-based Wells Real Estate Funds.
The Emerald Point acquisition is the 12th office building that Wells REIT II has added to its portfolio since the year began. The unlisted REIT has bought roughly $850 million worth of office properties over the past 10 months.