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CHICAGO-Triple Net Properties has landed the top prize in Prentiss Properties Trust’s sale of its local portfolio, paying $174 million for 123 N. Wacker Dr. The Santa Ana, CA-based owner of 24 million sf of commercial real estate lined up a $150-million financing package to buy the 540,676-sf West Loop office building. As reported earlier in the month , Prentiss Properties Trust had struck a deal with a buyer for 123 N. Wacker Dr., with a closing expected by the end of the month. It also has six suburban office properties totaling 716,000 sf under contract, with closings scheduled for the fourth quarter, according to a filing with the Securities and Exchange Commission.

GE Real Estate Capital wrote a $136-million, fixed-rate, securitized first mortgage on the property, according to Holliday Fenoglio Fowler, LP’s Chicago and Houston offices, while MMA Realty Capital put up a $14-million mezzanine loan. Holliday Fenoglio Fowler senior managing director Mike Kavanau, managing director Wally Reid and associate director Matt Kafka represented Triple Net Properties.

The TIC industry is undeniably making waves in its brief but substantial history. It is projected to complete $4.2 billion in transactions this year, up from $1.7 billion last year and $756 million in 2003. GlobeSt.com reported Wednesday that the North America headquarters of Thomson Consumer Electronics Inc. in Indianapolis changed hands for $75 million, or $131.58 per sf, marking the largest tenant-in-common acquisition to date. However, the news of 123 N. Wacker succeeds that deal, driving Triple Net’s purchase to the top of the ranks. While paying more than $277 per sf for the 30-story building, Triple Net Properties gets an asset that is 98% leased, as well as the largest and most prominent asset in the Dallas-based REIT’s 2.2-million-sf city and suburban office portfolio that Holliday Fenoglio Fowler has been marketing. With another 700,000 sf of industrial assets, Prentiss Properties Trust expects more than $500 million from the sales.

Meanwhile, Prentiss Properties says Lakeside Point I & II in Waukegan, 1200 Lakeside Dr. in Bannockburn, 1955 W. Field Ct. in Lake Forest, 410 Warrenville Rd. in Lisle and 1717 Deerfield Rd. in Deerfield are back on the market after a would-be buyer backed out of a deal for more than 700,000 sf of suburban properties.

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