The property has only two tenants, but is 100% leased: 66% byStone & Webster on a new 10-year lease, and 34% by Sysco Corp.on an existing lease that expires in 2008. The structure boasts afour-level parking garage with 1,465 parking spaces.
The building is situated two miles south of Interstate 10 in theEnclave Business Park. It is strategically positioned on 14.3acres, which includes five acres that may one day hold a new200,000-sf office building.
Wells is picky about its purchases, but it has little worryabout the credentials of its tenants. Stone & Webster is asubsidiary of The Shaw Group, a major US supplier of fabricatedpiping systems. With a net worth of $261 million, The Shaw Groupserves the power generation, chemical, petrochemical, and oil andgas industries, employing 13,000 workers worldwide.
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