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California Buyer Spends $10.3M for Austin Inroad

AUSTIN-Triple Net Properties of Santa Ana picks up the ball after a deal fell out for a 75,000-sf office building in the southwest submarket. The buyer, though new to Austin, owns several properties in San Antonio.

By Tim Green | Updated on September 26, 2002

AUSTIN-Triple Net Properties Inc. made its first Austin buy with the acquisition of a 75,000-sf office building at 5508 Highway 290 West in the southwest submarket. The Santa Ana, CA-based company said it paid $10.3 million for the 100%-occupied building.

Helen Jobes of Austin-based Gold Eagle Investments acted for the seller, MSPB 290 West Ltd. Jim Lundblad of REOC Partners in San Antonio represented Triple Net.

The building, formerly a Stripling-Blake hardware and lumber store, has nine tenants with leases expiring from December 2005 through March 2008. SAM Inc., a surveying and mapping company based in Austin, and the State of Texas occupy almost a quarter of the building.

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