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THE WOODLANDS, TX-Triple Net Properties LLC’s 2003 Value Fund has sold Southwood Tower, a five-story, 79,100-sf, multi-tenant office building, to RP Southwood LP, a local investment group.

A closing price wasn’t available before publication time for the holding, positioned on three acres at 19221 Interstate 45 North. According to tax records, the structure is assessed at $6.45 million.

The Santa Ana, CA-based Triple Net purchased the 21-year-old building in 2004. It is 85% leased to tenants like Invocon Inc., Lipar Group Development, Woodforest National Bank and the FBI. The building has been renovated several times through the years.

The growth of the Woodlands has helped spur demand for more office product in the area. Local experts say Southwood Tower provides the buyer with a strong investment. Alex Garcia of Marcus & Millichap Real Estate Investment Brokerage Co. represented the buyer while Darrell Betts with Grubb & Ellis Co.’s Houston office negotiated on behalf of the seller.

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