Triple Net Buys Two-Building Office Park

The complex consists of two three-story, multi-tenant office buildings, Washington Park One and Two, constructed between 1988 and 1990 on more than 9 acres. The buildings are close to Interstates 675 and 75, says a spokesman with Triple Net. "It's very close to retail and amenities, including the Dayton Avenue Mall," says the spokesman. "Also, the area qualifies for a no personal earnings tax zone, so tenants get the advantage of this."

He says the property is 92% occupied to tenants, mostly financial firms, including Merrill Lynch, UBS, Citigroup Global Markets Inc. and Wachovia Securities. The tenants are doing well despite the economy, the spokesman says. "A lot of financial institutions are not doing well, but these tenants have a long history in the building, so it's a desirable location," the spokesman says.

The new buyer will spend about $1 million on improvements, the spokesman tells GlobeSt.com. These upgrades include such things as renovating common areas and restrooms, "to maintain its position in the marketplace," the spokesman says. He did not divulge the lease rate. Office rates in the Dayton area run from $16.50 to $25 per sf, according to a market report by Colliers Turley Martin Tucker.