IRVINE, CA-In the latest in a series of recent Southern California buys, Wells Real Estate Investment Funds has acquired the 172,000-sf 1901 Main St. office building from Koll Development Co.

Terms of the deal were not disclosed, but industry sources say Wells paid $45.5 million for the eight-story building, which is 100% leased. Koll developed the property in 2001 as a joint venture with the National Electrical Benefit Fund.

KDC was represented in the sale of the 1901 Main St. building by the Cushman & Wakefield investment team of Martin Morgenstern and Rick Hamilton in C&W’s Irvine office. The building reached 100% occupancy in April with the signing of BNC Mortgage Inc. into 73,000 sf. Mike Parker, western division president at KDC, told at the time that the lease-up of the building was remarkable, considering the 20% vacancy rate in the Orange County office market. Parker says the sale of the 1901 building “exemplifies the strength of the Southern California office market and the tremendous demand from the investment community for quality product here.” The property sparked “much interest on the buy side,” because of its roster of credit-worthy tenants, Parker says. Besides BNC Mortgage, the building is leased to tenants such as AON, GE Capital, Solomon Smith Barney and Alliance Bank.

This sale follows KDC’s recent sale of Koll Center Pasadena at 1055 E. Colorado Blvd. in Pasadena to Wells, and represents the sixth building sold to Wells by KDC in the past 24 months. The Atlanta-based investor announced earlier this year that it plans to buy up to $500 million in Southern California properties this year, focusing especially on properties in the Los Angeles, San Diego and Orange County markets. Wells is a national real estate investment management firm that purchases existing class-A office and industrial properties, as well as corporate sale-leasebacks and build-to-suit projects. Its three investment entities include the Wells Real Estate Investment Trust, the Wells SP& REIT Index Fund and the Wells Limited Partnership Program.

Koll Development Co. provides commercial real estate services including corporate build-to-suit development, acquisitions, corporate facility project/construction management, project financing, asset and land management, and marketing and leasing. The company is headquartered in Dallas, with offices in Detroit, Denver, Los Angeles and San Francisco.

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