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IRVING, TX-Triple Net Properties LLC has closed the deal for the 199,500-sf Las Colinas Highlands, a four-year-old asset handed off by Rreef. Word on the street is the TIC buyer has paid $180 per sf or $35.9 million for the class A prize.

Triple Net won’t confirm the street price, but its top exec did say that the seven-story building at 6191 State Highway 161 has been gamed out for a three- to five-year hold for 32 TIC investors. “It was very well received,” Louis Rogers, president of the Santa Ana, CA-based Triple Net, tells GlobeSt.com, “and sold out very quickly.”

The six-acre footprint with a three-story parking garage has LSG Lufthansa Service Holding AG in 108,306 sf or 54% of the space and Conexis Benefits Administrators in 88,035 sf or 44% of the building. LSG, commonly known as Sky Chefs, is locked into a lease that runs until April 2014 while Conexis is in place until October 2015, according to the Holliday Fenoglio Fowler LP’s offering brochure. HFF’s senior managing director Andrew Levy and managing directors James Batjer and Barry Brown along with associate director Aaron Sloan marketed the property for the San Francisco-based Rreef.”It’s a nice simple property, basically new and basically leased up,” Rogers says. “It’s like a high-income bond.”

Brendan Considine, Triple Net’s acquisitions director, says the competition was stiff for the asset, with its chief selling points clearly tied to location and tenancy. “It’s a very stable asset,” he says, “with very high-quality, investment-grade tenants on long-term leases. It’s a very well-built institutional asset and institutional maintained.”

Considine teamed with Triple Net real estate analyst Robert Giusti to negotiate the transaction. Joe Byers with Commercial Realty Capital arranged financing through the Pittsburgh-based PNC Bank. Triple Net will manage the holding; the leasing assignment has yet to be decided, Considine says.

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