AmberOaks office space sold in Texas

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.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.