Cityfeet / GlobeSt.com - July 13, 2007
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.
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