FAIRFAX, VA-An affiliate of Thomas Properties Group, a Los Angeles-based company, has sold its 421,859-square foot office complex here for $128.7 million. The two offices, Centerpointe I & II, traded to the company—a joint venture with the California State Teachers’ Retirement System--for $166.5 million in 2007, according to a report on GlobeSt.com at the time. 

In this latest trade, the Thomas Properties Group affiliate, TPG/CalSTRS, LLC, sold the properties to a joint venture between Carr Properties and an institutional investment partner. The gross sale price was $128.7 million, with the purchaser credit with cash proceeds of $3 million to fund post-closing capital improvements. TPGI received net proceeds from the sale after debt repayment and closing costs of approximately $5.3 million.

“Our strategic plan announced earlier this year includes pruning selected properties and reinvesting proceeds from those sales in properties with repositioning opportunities and/or greater internal growth,” says Jim Thomas, chairman and CEO, in a prepared statement. He said this quarter’s sales in total have generated a combined $25.5 million in net proceeds.

In the 2007 transaction, the $166.5 million purchase price was funded with $135.3 million of mortgage financing proceeds and roughly $43.1 million of equity. Thomas Properties provided 25%, or $10.8 million, in equity finance. CalSTRS provided $32.3 million, or 75%.

CORRECTION: In the 2007 transaction Centerpointe I & II also traded with a third property, Fair Oaks Plaza, thus accounting for the total $166.5 million price point. GlobeSt.com regrets the error.