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SUGAR LAND, TX-Transwestern Investment Co. has sold the 143,367-sf Two Sugar Creek to Triple Net Properties of Santa Ana, CA, which secured a $16-million loan to make the close. Sources tell GlobeSt.com that the final price was between $19 million and $22 million…and it’s the second recent class A buy by Triple Net in the region.

The six-story, class A office building at 77 Sugar Creek Center Blvd. was on the market “five or six months” for about $22 million, Wallace Reid, managing director for Houston-based Holliday Fenoglio Fowler LP, tells GlobeSt.com. Triple Net took the deed with a seven-year loan from Archon Financial Group, headquartered in Irving, TX. Transwestern Commercial Real Estate Services is expected to remain in place to lease the 92%-occupied asset, Reid says.

Built in 1999, the roster has 15 tenants. Its top space takers are State Farm Mutual Auto Insurance, Solar International Shipping, Open Spirit Corp., AG Edwards & Sons and AT&T. Granite Properties’ Houston office brokered the sale.

In recent weeks, Triple Net Properties also bought the 101,039-sf Beltway 8 Corporate Centre, paying more than $15.5-million ask to make the close with the Sacramento, CA-based Panattoni Development Co. and MetroNational of Houston.

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