Triple Net Properties LLC of Santa Ana acquired the assets from an entity of the Woodlands Operating Co., represented by a CB Richard Ellis Inc. team in Houston. H. Dan Miller, CBRE first vice president, tells GlobeSt.com that the property attracted 12 offers after a 45-day marketing period.

The five-story buildings have a combined occupancy rate of 88%. The 100,155-sf Parkwood I, built in 1983, has 15 tenants, with MGL Consulting as the lead with a 20,796-sf lease. The 95,973-sf Parkwood II, built in 1994, has two tenants: Entergy Enterprises, 76,186 sf, and Technology Partners, 19,787 sf. Entergy Enterprises' lease is locked in through December 2006.

Miller says the Woodlands Operating Co.'s selling entity sold the properties in keeping with its typical holding period. He added the high number of bidders resulted from the fact that the Woodlands office market commands the highest office rental rates outside the CBD. Parkwood I and II have asking rates averaging $21 per sf. Also attractive to buyers, he says, is the master-planned community has strict planning requirements and barriers to entry that keep the office inventory in check.

In addition to Miller, the CBRE team included senior vice president Mark McAllister and associate Maggie Ogilvie. NNN Realty of Santa Ana represented the buyer.