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GlobeSt.com UPDATE: Triple Net Properties Lands 123 N. Wacker

CHICAGO-The Santa Ana, CA-based buyer pays $174 million, using a $150-million financing package from GE Real Estate Capital and MMA Realty Capital to get the 540,676-sf West Loop office building from Dallas-based Prentiss Properties.

By Mark Ruda | Updated on September 29, 2005

(To read more on the TIC market, click here.)

CHICAGO-Triple Net Properties has landed the top prize in Prentiss Properties Trust’s sale of its local portfolio, paying $174 million for 123 N. Wacker Dr. The Santa Ana, CA-based owner of 24 million sf of commercial real estate lined up a $150-million financing package to buy the 540,676-sf West Loop office building. As reported earlier in the month , Prentiss Properties Trust had struck a deal with a buyer for 123 N. Wacker Dr., with a closing expected by the end of the month. It also has six suburban office properties totaling 716,000 sf under contract, with closings scheduled for the fourth quarter, according to a filing with the Securities and Exchange Commission.

GE Real Estate Capital wrote a $136-million, fixed-rate, securitized first mortgage on the property, according to Holliday Fenoglio Fowler, LP’s Chicago and Houston offices, while MMA Realty Capital put up a $14-million mezzanine loan. Holliday Fenoglio Fowler senior managing director Mike Kavanau, managing director Wally Reid and associate director Matt Kafka represented Triple Net Properties.

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