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American Assets Trust (AAT) Acquires Corporate Campus East III

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American Assets Trust, Inc. (AAT - Free Report) recently completed the acquisition of a multi-tenant office campus, Corporate Campus East III in Bellevue, WA, for $84 million. The company has paid the purchase price using cash in hand.

Encompassing 161,000 square feet of space, Corporate Campus East III is located just off the interstate 405 and 520 freeway interchange, and is less than 5 minutes away from downtown Bellevue. The office campus is presently 86% leased to a diversified tenant base of financial service institutions and professional services companies.

The property, which offers easy access to the highway, recently underwent renovations to its common areas, lobbies, onsite café and entry areas. Notably, it provides an opportunity to add more amenities. With the growing preference for high-quality, well-located properties, which provide top-notch amenities; Corporate Campus East III is likely to continue seeing decent interest from office occupiers. Therefore, the acquisition seems a strategic fit for the company.

American Assets remains focused on the dynamic, high growth markets in Southern California, Northern California, Oregon, Washington, Texas and Hawaii.

Previously, in July, the company completed the acquisition of Eastgate Office Park, a multi-building office campus situated in the premier I-90 corridor submarket of Bellevue, WA, for $125 million.

As the impact of the pandemic subsides, an increasing number of companies have announced plans to return to their offices. Hence, American Assets’ recent acquisition efforts will likely enable the company to participate in the rebound of the office real estate sector.

Shares of this Zacks Rank #2 (Buy) company have gained 32.2% so far in the year, outperforming the industry's growth of 22.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs

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