TIC investors unload Las Cimas project

Triple Net Properties LLC recently represented tenant-in-common investors in the sale of Las Cimas II & III, a two-building office campus in Austin, Texas.

Spear Street Capital purchased the complex for an undisclosed price, although it was originally purchased in September 2004 for $73.1 million.

Las Cimas II & III is comprised of four-story buildings containing 313,300 square feet. The properties were fully leased at the time of sale to Dell USA, which has subleased the property to 26 tenants, including Sheshunoff Information Services Inc., American Campus Communities LLC, Keller Williams Realty Inc. and Texas Instruments Inc.

Las Cimas II & III were built in 2000 and 2001, respectively, and feature state-of-the-art energy efficiency systems, flexible floor plans and a covered parking structure, according to a press statement.

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