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AUSTIN-Triple Net Properties Inc. made its first Austin buy with the acquisition of a 75,000-sf office building at 5508 Highway 290 West in the southwest submarket. The Santa Ana, CA-based company said it paid $10.3 million for the 100%-occupied building.

Helen Jobes of Austin-based Gold Eagle Investments acted for the seller, MSPB 290 West Ltd. Jim Lundblad of REOC Partners in San Antonio represented Triple Net.

The building, formerly a Stripling-Blake hardware and lumber store, has nine tenants with leases expiring from December 2005 through March 2008. SAM Inc., a surveying and mapping company based in Austin, and the State of Texas occupy almost a quarter of the building.

The building had been on the market for three months. The sellers turned to Triple Net after another prospective buyer backed out of a deal, Jobes tells GlobeSt.com. “They had it under contract for 30 days and then decided they didn’t want an office,” she says. “We went back to the second buyer and they put it under contract and closed.”

Triple Net’s portfolio is about nine million sf of commercial properties in the Western US, Florida, Texas and Hawaii. The company, headed by Anthony Thompson, consolidates 1031 Exchange money from different investors to buy bigger buildings.

The former owners bought 5508 290 West about 2 1/2 years ago and renovated it. The first office occupant moved in about 1 1/2 years ago.

In San Antonio, Triple Net owns Brookhollow Park LLC, a 102,413-sf building; Titan Building, a six-story, 103,762-sf building; Titan Plaza, a single-story, 27,765-sf single-story building; and University Heights Business Park, 68,400-sf service center/flex project.

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