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AUSTIN-Two months after it bought Chase Tower, Triple Net Properties LLC has returned to buy its sky bridge-connected neighbor. Based on the city’s investment demand and comps, state capital sources say the 118,643-sf Lavaca Plaza sold for roughly $25 million.

“It made a lot of sense they’d buy the building next door,” says Todd W. Savage, director in Holliday Fenoglio Fowler LP’s Dallas office. He and HFF senior managing director Andrew S. Levy put the class B building at 504 Lavaca St. on the market in March within two weeks of Chase Tower’s debut. Savage tells GlobeSt.com that a dozen would-be buyers from the local market and across the US put in offers for Lavaca Plaza, owned since 2001 by New York City-based Angelo Gordon & Co.

“It’s a class B building in a double AA location,” Savage says. The 26-year-old building, which underwent a full-body makeover in 2001, sits on a half city block with four floors of office space atop a seven-story, 503-space parking garage. Savage says the 0.8-acre asset has the largest parking block in the Downtown, with revenue from tenants and the city’s nightlife delivering “tremendous revenue” for the owner.

Lavaca Plaza’s Trammell Crow Co. leasing team had the building at 67% occupancy when it came to market. By sale time, Savage says there were 15 tenants filling 75% of the CBD space. St. Louis-headquartered healthcare provider, Centene Corp., is the largest tenant with 20% of the building locked down until 2014, according to the dealmaker.

“Really, there’s not a whole lot of roll in the upcoming years,” Savage says. “That’s what Triple Net really liked about the property. Larger tenants are five years out so it gave them some nice space that they didn’t have to worry about for five years.”

Steven T. Leathers of the Santa Ana, CA-based Triple Net acquisitions team represented the LLC investors. Christopher Dornin and Stephen Hagerman with Buchanan Street Partners arranged financing through international banking giant, Nomura Credit & Capital Inc.

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