Amber Oaks complex sold in Austin

REIT implements liquidation plan

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G REIT Inc. sold a five-building office portfolio totaling 282,000 square feet in Austin, Texas. The value of the transaction was $46.8 million. Chase Merritt purchased the complex, Amber Oaks V, which is part of an eight-building business park built during 1999-2001. The property is currently 93% leased and major tenants include URS Corporation and ACS State Healthcare. G REIT originally purchased Amber Oaks V in January 2004 for $35.5 million. In 2005, G REIT sold two properties, and in 2006, pursuant to its plan of liquidation, it sold three properties and listed 22 additional properties for sale, of which seven properties are currently under contract for sale. ...