Triple Net Properties LLC on Thursday negotiated the sale of AmberOaks III, a 206,770-square-foot office complex in Austin, Texas.
The value of the transaction was approximately $33 million.
T REIT Inc., a public company that owned a 75 percent interest in the property, and tenant-in-common investors that owned a 25 percent interest in the property, jointly sold the asset to Chase Merritt.
AmberOaks III is a three-building, class A office portfolio part of an eight-building corporate park complex built during 1999-2001. The property was 89 percent leased at the time of sale to major tenants that included InfoEdge Technology and URS Corp.
T REIT and the TIC investors originally purchased AmberOaks III in January 2004 for approximately $23 million.