Wells Real Estate, Triple Net Properties and RREEF are among the bidders for the 495,000-sf Summit Office Campus 1&2 in Aliso Viejo, Calif

Real Estate Alert, April 28, 2004

Wells Real Estate, Triple Net Properties and RREEF are among the bidders for the 495,000-sf Summit Office Campus 1&2 in Aliso Viejo, Calif. Bids for the property have been extremely aggressive, falling near $124 million, or $225/sf. At that price, the buyer's initial annual yield would be about 6.6%--among the lowest ever in Orange County.

The bids are well above the $100 million figure that market players bandied about when owner Ohio State Teachers first discussed shopping the asset in November. CB Richard Ellis is handling marketing.