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$16M Loan Clears Deck for Class A Sale

SUGAR LAND, TX-Triple Net Properties gets financing from Archon Financial Group to take title to the 143,367-sf Two Sugar Creek. The suburban office building, on the market for nearly six months, brings between $19 million and $22 million.

By Bonnie Grota | Updated on July 30, 2004

SUGAR LAND, TX-Transwestern Investment Co. has sold the 143,367-sf Two Sugar Creek to Triple Net Properties of Santa Ana, CA, which secured a $16-million loan to make the close. Sources tell GlobeSt.com that the final price was between $19 million and $22 million…and it’s the second recent class A buy by Triple Net in the region.

The six-story, class A office building at 77 Sugar Creek Center Blvd. was on the market “five or six months” for about $22 million, Wallace Reid, managing director for Houston-based Holliday Fenoglio Fowler LP, tells GlobeSt.com. Triple Net took the deed with a seven-year loan from Archon Financial Group, headquartered in Irving, TX. Transwestern Commercial Real Estate Services is expected to remain in place to lease the 92%-occupied asset, Reid says.

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