By Susanna Potter, Commercial Real Estate Direct Staff Writer
Wells Real Estate Investment Trust Inc. has purchased the Bank of America office building in Orange County, Calif., for $94 million, or about $147/sf one of three office acquisitions totaling nearly $300 million that the Atlanta-based REIT closed in December.
The Bank of America Building is at 275 Valencia Ave. in Brea, Calif. Built in 1983, the three-story, 638,000-square-foot office building is fully occupied by Bank of America. The current annual base rent payable under the net lease, which runs through 2009, is about $7.6 million.
Wells has the option to extend the lease for an additional three years, while Bank of...
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