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SANTA ANA, CA-Triple Net Properties LLC has acquired the 321,836-sf Xerox Centre office building from DL Cabrillo LLC, a partnership of a New York City-based private investment group and private investors from Santa Ana, for $60.5 million on behalf of Triple Net’s tenant-in-common 1031 Exchange investors.

Tony Thompson, chairman and CEO of Santa Ana-based Triple Net, tells GlobeSt.com that the property was built in 1989 by Xerox as its Southern California regional headquarters and that the sellers bought it from Xerox about four years ago. Xerox, still occupying the building, has about six years left on its lease, Thompson says.

Xerox Centre is a 15-story office tower at the interchange of Interstate 5 and the 55 Freeway in Santa Ana. Major tenants of the building include Ashland Oil, American Express and the Social Security Administration.

Triple Net was represented in the deal by Rick Hutton of Triple Net Properties, a Triple Net affiliate, with the seller’s broker being Bob Smith of CB Richard Ellis Inc. in Newport Beach. Triple Net has named Liz Hurley in the Irvine office of Trammell Crow Co. as the leasing agent for the building.

Thompson says the purchase was financed by a loan of nearly $45.4 million. Mark Strauss of Cohen Financial in Irvine and Adam Levinson of Cohen’s Chicago office arranged the loan through Fleet National Bank.

Thompson says the purchase is among the three largest his company has closed in terms of price and among the 10 largest properties that Triple Net has bought in terms of size. The Xerox property was 85% occupied at the time of the sale. Thompson says Triple Net is close to signing with a tenant that will take 21,000 sf of the remaining space.

Triple Net Properties manages a growing portfolio of more than 10 million sf of commercial properties with a market value of $1 billion. The company, which maintains regional offices in Chicago, Denver, Las Vegas, San Antonio and Tampa, is currently buying and selling properties throughout the Western US, Florida, Illinois, Nevada, Texas and the Hawaiian Islands.

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