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CINCINNATI-Triple Net Properties LLC acquired 250 East Fifth St., a 537,400-sf office tower in the city’s central business district. The purchase price was $92.75 million, a company spokesperson tells GlobeSt.com. The 29-story building was purchased from TAG 250 Cincinnati LLC on behalf of Triple Net Properties’ tenant in common investors in a deal that closed Oct. 25.

The class A building, which is 78% leased, has undergone significant renovations and upgrades since 1999. These improvements have concentrated on the public areas, such as the plaza, lobby and four-level, 489-space parking structure. The building is adjacent to Proctor & Gamble’s global headquarters and connected to the Cincinnati Skywalk system, which links major Downtown buildings with a series of enclosed bridges and passageways. The building’s current tenants include Chiquita Brands LLC and Deloitte & Touche.

Blake Johnson of Eastdil Secured represented the seller. Steven Leathers of Triple Net’s acquisition team represented the tenant in common buyers. Financing was provided by Wachovia Bank.

Triple Net Properties manages a growing portfolio of more than 30.9 million sf of commercial properties, including more than 5,100 apartment units, with a combined market value of more than $4.1 billion from its headquarters in Santa Ana, CA and numerous regional offices.

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