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AUSTIN-Completing a two-part acquisition, Chase Merritt and equity partner Buchanan Partners Ltd. have acquired the five-building, 281,885 sf Amber Oaks V for slightly more than $46.83 million. The buildings, part of Amber Oaks Corporate Center, were sold by Triple Net Properties LLC on behalf of G REIT Inc., which acquired the assets for $35.52 million in 2004.

The transaction represents Chase Merritt’s second in the Austin market. The Newport Beach, CA-based partners closed on the 206,770-sf Amber Oaks III Amber Oaks III in June. The closing took place in two phases because of a debt assumption process.

Chad Horning, Chase Merritt’s CEO, says Amber Oaks meets the investment guidelines: a class A, institutional-quality asset. Amber Oaks V is stabilized at 93% occupancy with tenants such as URS Corp. and ACS State Healthcare. Horning says Amber Oaks V, developed between 1999 and 2001, is in good shape and won’t require upgrades. Local teams for Transwestern Commercial Services and Trammell Crow Co. will manage and lease the asset, respectively.

Horning says the company is bullish on Austin in its search for more A-class office product in the area. “It’s a market we’re focusing on right now. We have another project going into escrow and are looking at others as well,” he tells GlobeSt.com.

The G REIT sold the complex as part of a liquidation proceeding. Thomas C. Young and David Mellor with Santa Ana, CA-based Triple Net Properties represented G REIT. Jeff Hanson, formerly with Grubb & Ellis and now Triple Net, and Max Moss with TCC in Austin helped to broker the deal. Voit Commercial Brokerage Co. represented Chase Merritt.

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