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FORT WORTH-Chicago-based Wind Realty Partners has sold One Ridgmar Centre, a 21-year-old office building in the West Fort Worth market, to Triple Net Properties LLC, a wholly owned subsidiary of NNN Realty Advisors Inc. of Santa Ana, CA. The price for the 10-story, 171,000-sf building was not released, but Eric Mackey, a first vice president in the Dallas office of CB Richard Ellis, says the price was at the top of market.

According to Mackey, the deal closed at a 5.6% cap rate, which he terms “very aggressive” for a 20-year-old stabilized property. Built in 1986, the property features an on-site deli, banking facilities, a pass card security system and a five-story, 552-space parking garage, along with 64 surface spaces. The building is 94% leased to a roster of credit-worthy tenants that includes General Motors Acceptance Corp, Approach Resources Inc., Principal Life Insurance, Bank One, Metropolitan Life Insurance Co. and Computer Science Corp. The latter leases 80,000 sf, with a lease that terminates in mid 2011.

Mackey says the property was on the market for about four weeks and attracted a great deal of attention from both local and national investors. In the end, five bidders made effectively equivalent offers, but the CBRE broker tells GlobeSt.com that Triple Net won the deal based on its ability to close sooner than the competitors. “Triple net was willing to shorten their feasibility period and close more quickly,” he says. “The promise of a quick closing gave it a decided edge.”

Mackey pegs annual rents in the building at about $19 per sf. “It’s one of the buildings that leads the market in West Fort Worth,” he says. “There are probably a half dozen class A buildings in the immediate area, and One Ridgmar is at the top even though it’s older than some of the others.”

Wind River acquired the building in 2005 from Chicago-based CMD Realty Investors Inc. According to Mackey, the company opted to sell to take advantage of the current market. “They had done very well with it,” he says. “The felt it was time to harvest the gain given to them by a very strong market.”

Gary Carr and Russell Ingram of CBRE were also on the team representing Wind River. Financing was provided by Wachovia Bank NA. Triple Net and its affiliates manage a portfolio of more than 37 million sf with a combined market value in excess of $5.1 billion.

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