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Triple Net Properties Hands Off 100,240-SF, Class A Office Building

THE WOODLANDS, TX-The Santa Ana, CA-based investor splits a two-building office complex after a two-year hold, releasing the deed to the 90%-leased Parkwood I to a private investment group from Orange County, CA.

By Jennifer D. Duell | Updated on June 16, 2005

THE WOODLANDS, TX-An Orange County, CA investment group has purchased a 100,240-sf, class A office building from the portfolio of Triple Net Properties LLC, getting one of two prominent structures near the Woodlands Waterway at the heart of the town center. A source familiar with the deal says Parkwood I sold for $12 million.

The Santa, Ana, CA-based Triple Net Properties, holding tight to Parkwood II, bought the class A office complex two years ago for $20.4 million. The five-story Parkwood I, located at 10077 Grogan’s Mill Rd., was 90% leased at sale time to Parkwood Management GP LLC, which marked its second acquisition in the region with the takeover. Terms of the sale are being kept under wraps.

Developed by the Woodlands Operating Co., the Parkwood buildings sit on 5.4 acres alongside a four-story parking structure. The buildings’ quoted rent is $21 per sf.

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