Wells Real Estate Investment Trust II has completed the purchase of University Circle, a three-building, multitenant office property totaling more than 451,000 square feet in East Palo Alto, Calif.
The value of the transaction was not disclosed.
Located at 1900, 1950 and 2000 University Ave., the class A property was purchased from University Circle Investors LLC. Construction of the three office buildings was completed in 2003.
At the time of sale, University Circle was 90 percent leased to a roster of high-quality tenants that includes the law firm of DLA Piper Rudnick Gray Cary.
With this acquisition, which was its third in California, Wells REIT II now has 32 properties in its portfolio in 15 states (including the District of Columbia).
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