posted on October 28, 2011 21:36
Wells Core Office Income REIT has acquired the Westway II building in Houston.
Westway II, a 242,374-square-foot Class A office building, is 100 percent leased to four tenants. GE Oil & Gas occupies three-fourths of the building. In September this year GE leased all 182,000 square feet at the Westway III building, owned by Iowa-based Principal Real Estate Investors. The Westway Business Park is off the West Sam Houston Tollway at Clay Road.
The location and list of tenants made the deal attractive to Norcross, Ga.-based Wells Core REIT, according to a company statement. Texas Capital Bank moved into Westway II in June.
“Westway II is an excellent addition to Wells Core REIT’s growing portfolio of Class-A office properties,” said Don Henry, chief real estate officer of Wells Real Estate Funds, advisor to the REIT. “With a great location in one of Houston’s most desirable business centers, and a solid tenant roster in place, this deal fits squarely within our core real estate investment strategy.”
Keith Willby, senior vice president of capital markets, represented Wells Core REIT. Holliday Fenoglio Fowler LP’s Jeff Hollinden represented seller and project developerDienna Nelson Augustine Co.
The purchase price was not immediately available. Wells Core REIT also owns Westway I.
10/11/11, Houston Business Journal