Wells Operating Partnership, a company formed by REIT Wells Real Estate Funds, purchased the office building located at 2411 W. Peoria Ave. in Phoenix. The 150,000-square-foot Desert Canyon/300 building was sold for $25.8 million, or $172 per square foot. The building is fully leased to Massachusetts Financial Services on a long-term lease. Massachusetts Financial is a subsidiary of Sun Life of Canada, and is the oldest mutual fund company in the US. Wells is an Atlanta-based firm that specializes in investing in class-A quality buildings that are leased long-term to Fortune 500 tenants. The seller, NBS Phoenix III LLC, is an affiliate of The Alter Group. Wells also acquired two other properties located in Fort Lauderdale, FL and Atlanta from The Alter Group.