Wells Real Estate Investment Trust II, completed the purchase of Emerald Point, a class A office building totaling approximately 194,000 square feet of space in suburban Oakland, Calif.
The value of the transaction was not disclosed.
The four-story building is situated on nearly 10 acres of land in one of northern California’s fastest- growing markets. This marks the twelfth acquisition by Wells REIT II, which has purchased about $850 million of class A office and industrial properties in 2004.
The seller of the property was Lowe Enterprises Real Estate Group, on behalf of one of its institutional clients.
The property was fully leased by SBC Communications at the time of purchase.
Wells Real Estate Funds, the sponsor of Wells REIT II, is a national real estate investment management company that purchases real estate on behalf of Wells-sponsored investment programs.
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