The subject property is the investment in the land under a new Wachovia Bank branch located along US Highway 59 in Houston,Texas. WELLS FARGO BANK HAS OUT-BID CITIGROUP TO ACQUIRE WACHOVIA. (NEITHER WELLS FARGO NOR CITIGROUP HAS A COMPETING BRANCH IN THE IMMEDIATE AREA). The tenant has constructed all improvements and retains ownership of their building. At the termination of the lease, all improvements revert to the landowner. This high traffic location is at the entrance of Sharpstown Mall, Houston’s Premier Urban Mall (anchored by Burlington Coat Factory). Other traffic generators in the immediate area include Circuit City, Anna’s Linens, Jewelry Exchange Center, Target, Walgreens Drugstore, Taco Cabana, Popeye’s Chicken, Jack in the Box, Wendy’s, Arby’s, Burger King, and Whataburger. The site has excellent visibility from Hwy 59, along with easy access to and from the freeway (just north of Beltway 8 and just south of 610 West Loop). The Property is also near the city’s largest and most sophisticated suburban medical facility, Memorial Hermann Southwest Hospital. Significant new retail and commercial development is ongoing in this area. The property is located within the city’s ‘improvement district’. Investment of over $20,000,000 has been approved for improvements to roads, parks, and commercial development to promote the area. The Houston MSA is the fourth largest in the U.S. and is home to 18 Fortune 500 companies and more than 5,000 energy related firms. Many consider Houston the “Energy Capital of the World”. The 2007 estimated population for the city of Houston is 2.14 million people and for the Houston MSA it is over 5.5 million people. The Port of Houston ranks as the nation’s largest port in international tonnage and second in total tonnage. Houston hosts more than 40 colleges and universities and the Texas Medical Center in Houston is the largest medical center in the world and has an economic impact of $10 billion.

Tenant: Wells Fargo & Co.
Wells Fargo & Co. is a diversified financial services company in the United States with operations around the world. Wells Fargo is the 5th largest bank in the US by assets and the 3rd largest bank by market cap. It is the only bank in the United States to be rated AAA by S&P. Wells Fargo was named as "The World's Safest US Bank" based on long-term foreign currency ratings from Fitch Ratings and Standard & Poor's and the long-term bank deposit ratings from Moody’s Investors Service for the year 2007. Headquartered in San Francisco, California, Wells Fargo is a result of an acquisition of California-based Wells Fargo & Co. by Minneapolis-based Norwest Corporation in 1998. As of 2008, Wells Fargo has 5,983 retail branches, 160,900 employees and over 23 million customers.

On October 3, 2008, Wells Fargo announced it had agreed to acquire Wachovia for $15.1 billion in stock. Previously, Wachovia had announced talks with Citigroup on September 29 to sell off its core banking business for $2.2 billion, retaining Wachovia Securities and other brokerage services, in a deal brokered by the Federal Deposit Insurance Corporation. Wachovia prefers the Wells Fargo deal, as it keeps the banking and brokerage businesses together.