PEWAUKEE, WI-Triple Net Properties LLC, based in Santa Ana, CA, is acquiring One and Two Riverwood Place, which consists of three office buildings with 196,000 sf, for $37 million. Transwestern Investment Co. LLC, based in Chicago, is the seller. The deal is under contract, and is supposed to close in mid-August.

The buildings are at N17 W24222 and N19 W24133 Riverwood Dr. The occupancy rate at the buildings is 93%, says a spokesman for Holliday Fenoglio Fowler LP, which is representing Transwestern in the deal. Riverwood One is 96,715 sf, and has tenants such as Cisco Systems, Hewlett Packard and Eli Lilly. Building Two is 99,536 sf, and has tenants such as Humana Health Care, Microsoft and Wells Fargo.

Transwestern had acquired the buildings as part of its office property takeover in 2004 of Great Lakes REIT, which had purchased the two-story office structures from the developer, Quadrangle, for about $20 million a few years ago. Matt Haley, managing director at Transwestern, tells that it is time to sell the properties. “We’ve completed our lease up and stabilized them in time for us to monetize the buildings,” Haley says. “As a value-added investor, we don’t hold properties.”

He says he could not say the lease rate for the buildings. A spokeswoman for Triple Net, a subsidiary of NNN Realty Advisors, says she cannot comment until the sale is complete. Pewaukee is a suburb of Milwaukee.

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