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THE WOODLANDS, TX-An Orange County, CA investment group has purchased a 100,240-sf, class A office building from the portfolio of Triple Net Properties LLC, getting one of two prominent structures near the Woodlands Waterway at the heart of the town center. A source familiar with the deal says Parkwood I sold for $12 million.

The Santa, Ana, CA-based Triple Net Properties, holding tight to Parkwood II, bought the class A office complex two years ago for $20.4 million. The five-story Parkwood I, located at 10077 Grogan’s Mill Rd., was 90% leased at sale time to Parkwood Management GP LLC, which marked its second acquisition in the region with the takeover. Terms of the sale are being kept under wraps.

Developed by the Woodlands Operating Co., the Parkwood buildings sit on 5.4 acres alongside a four-story parking structure. The buildings’ quoted rent is $21 per sf.

Built in 1983, Parkwood I has locally based MGL Consulting as the lead tenant, occupying 20,796 sf through 2008. Other tenants include Tampa-based GPM Inc., which occupies 7,645 and local firm Dresser-Rand Co., which occupies 7,978 sf. GPM’s lease expires in 2007 and Dresser-Rand’s lease expires in 2005, according to Triple Net Properties.

“This was a great opportunity to acquire a quality asset in one of the fastest growing communities in the nation,” Darrell Betts, senior vice president in Houston for Grubb & Ellis Co., tells GlobeSt.com. He represented Triple Net Properties in the transaction. Scott and Chris Torn in Studley’s Houston office brokered for the buyer, which also owns Willowbrook Place, a two-building office complex with 90,000 sf at 17314 Highway 249. Jeff Knowles of Holliday Fenoglio Fowler LP’s Houston office arranged acquisition financing.

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