(To read more on the TIC market, click here.)
PLEASANTON, CA-On behalf of a group of tenant-in-common investors, Triple Net Properties has completed its acquisition of Britannia Business Center, a 765,756-sf, 10-building office development here that is well leased. The Santa Ana-based TIC sponsor this week closed on Britannia Business Center I. Earlier this month, it closed on Britannnia Business Center I and II.
Britannia Business Center I is a 296,537-sf property consisting of four office buildings that are currently 100% leased by four tenants including Robert Half International, ADP, and Individual Software Inc. Britannia Business Center II and III are each three-building developments with a combined 467,219 sf of leasable area of and an average occupancy of 94%.
Industry sources tell GlobeSt.com that the sale price came in at around $185 million. Financing was provided by Wachovia Securities and was arranged by Brad Zampa and Matt Gum of Cornish and Carey.
Michael Leggett of Cornish and Carey represented Slough Estates. Triple Net was represented in-house by its director of acquisitions, Steve Corea. Neither Corea nor Leggett could be reached for comment.
On behalf of its TIC investors and Value funds, Triple Net Properties manages 25.1 million sf of commercial properties and 1.6 million sf of multifamily properties.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
