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AUSTIN-In back-to-back moves, Triple Net Properties LLC has sold the 308,525-sf Las Cimas II and II in southwest Austin for close to the $92-million ask and set up its long-time dealmaker as president and CEO for a realty group expansion.

Triple Net president Louis Rogers and the new head of Triple Net Properties Realty Inc., Jeff Hanson, former senior vice president for Grubb & Ellis Co. in Orange County, CA were unavailable for comment about the corporate milestones before publication time. Hanson, though, has been the marketing force behind this summer’s series of dispositions for the tenant-in-common investment group.

The latest deed to change hands went to a first-time Texas buyer, Spear Street Capital of San Francisco. The pair of four-story buildings at 805 and 807 Las Cimas Parkway is master leased through December 2010 to Dell Inc., which has subleased all the class A space to 26 tenants. Triple Net bought the holding in September 2004 for $73.1 million.

“We like the solidity of the Dell lease that’s in place until 2011 and the attractive rental rate,” John Grassi, president of Spear Street Capital, tells GlobeSt.com. Despite the real estate’s quality, he says the plan is to “polish and refurbish” the 6.6-acre campus. “We want to make sure it stays fresh and ahead of the market,” he says, adding the amount to be spent has yet to be determined. “We’re not going to sit and wait for the Dell lease to expire.” The buildings and two parking garages were developed in 2000-01 for Dell.

Grassi says most deals these days have hurdles to overcome: the Las Cimas transaction was no different. “You had to understand the nature of the subletting–who the tenants are, how long they’re there and the possibility of retention,” he says. According to the Grubb & Ellis listing, 26% of the subleases expire in 2009 although several tenants have made overtures about staying longer.

Grassi says Spear Street’s acquisition team has looked at other Texas properties, specifically the 1.4-million-sf BMC campus in Houston. And, it’s continuing to look for potential purchases in the state, with the sweet spot being north of $50 million. He says class A is the preference, but class B isn’t ruled out since location and neighboring competition carry weight with the buying team. Spear Street’s Peter Kahn negotiated the Las Cimas acquisition.

Four years ago, Spear Street formed a large fund, backed predominately by US capital, to tap real estate opportunities in high-tech and telecommunications markets. “Austin certainly fits that description,” he says.

After the deal was bed down, Hanson exited his 10-year post with Grubb & Ellis’ six-member institutional investment sales team in Orange County, CA. Hanson is a top-ranked producer in the firm’s national and SoCal ranks. This year, he was named one of the “Top 40 Under 40″ executives.

“Jeff is a true professional in every sense. While at G&E, Jeff has consistently demonstrated team play, great work ethic, wonderful attitude and an extremely skillful/talented broker,” Kurt Strasmann, executive vice president and managing director for Grubb & Ellis in Orange County, says in a statement prepared for GlobeSt.com. “Jeff will be very successful at Triple Net and they are very lucky to have him working on their behalf. Although Jeff will be missed at G&E, we are very happy for Jeff because we know it’s a wonderful opportunity for him.”

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