Titan buildings sell in Texas

Triple Net Properties represented a joint venture in the sale of two office buildings in San Antonio, Texas.

The value of the transaction was $15.3 million.

The Titan Building & Titan Plaza property consists of one six-story and one single-story suburban office building totaling approximately 131,000 square feet. The property was built in 1983, and at the time of sale was 90 percent leased to 17 tenants, including Titan Indemnity Co., St Paul Fire and Marine Insurance, and Sterling Bank.

The sellers included T REIT Inc., a public company that owned a 48.5 percent interest in the property, and tenant-in-common investors who owned a 51.5 percent interest in the property.

The joint venture originally purchased the complex for approximately $9.2 million in April 2002, according to a press statement.

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