PASADENA, CA-Wells Real Estate Investment Trust II Inc. of Norcross, GA has acquired a 265,000-sf three-building office and retail project called Pasadena Corporate Park for $116 million in a sale-leaseback with IndyMac Bank. IndyMac has signed a 10-year lease to remain in the property, which is on Foothill Boulevard near the Interstate 210 and 605 freeways.

Bounded by North Halstead Street and East Foothill Boulevard, the project includes two three-story office buildings and a retail building, with IndyMac occupying 71% of it. The bank was represented in the sale by Todd Doney of CB Richard Ellis along with Steve Silk and Steve Somer of Eastdil Secured.

The buyer did not disclose terms of the deal, but a public filing by IndyMac listed the sales price as approximately $116 million. According to information from Real Capital Analytics, the property sold for $56 million when IndyMac bought it from Kearny Real Estate in late 2003. The property serves as IndyMac’s mortgage banking headquarters.

The Pasadena Corporate Park was a value-added play for Kearny before its sale to IndyMac, with Kearny buying what was originally known as the Xerox facility in December 1999.

Kearny revitalized and repositioned the obsolete 40-year-old facility to create a class A suburban office campus before selling it to IndyMac. Jeff Gilder, chief investment officer for Wells Real Estate Funds, cites the “superb renovation and a strong principal tenant” at the property, which is fully occupied.

Gilder says that Wells already had a relationship with IndyMac as a Wells tenant in Texas, which helped the two firms to structure the deal. Wells was represented by Joe Oglesby, senior vice president of acquisitions.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.