SANTA ANA, Calif., Dec. 19 /PRNewswire-FirstCall/ -- Chief Investment
Officer Jeff Hanson announced today that Triple Net Properties, LLC has
acquired Exchange South on behalf of tenant-in-common investors. The
acquisition closed on December 13, 2007.
Exchange South is a five-building, 194,400-square-foot office portfolio in
Jacksonville, Florida. Built between 1990 and 1996, the property is located
along Philips Highway, one mile north of the Philips/I-95 intersection. With
convenient access to the region's major thoroughfares (Interstates 95 and
295), it is positioned to take full advantage of Jacksonville's growing
suburban areas. Situated on nearly 18 acres, Exchange South offers
distribution and showroom space, an ideal amenity for businesses within the
expanding Southside market. The property includes a 661-space surface parking
lot with additional parking in the rear of each building. Exchange South is
currently 95 percent leased to numerous tenants, including Florida Oncology
Associates, P.L., Columbia Analytical Services and Unique Customer Concept,
Inc.
Triple Net Properties purchased Exchange South from G&I V Exchange South
LLC which was represented by Michael Harrell of CBRE. Financing was provided
by Lehman Brothers.
Triple Net Properties, LLC became a wholly owned indirect subsidiary of
Grubb & Ellis Company, a leading real estate services and investment
management firm, on December 7, 2007, subsequent to Triple Net Properties'
acquisition of Exchange South. Triple Net Properties and affiliates manage a
growing portfolio of nearly 39 million square feet of real estate, including
more than 10,000 apartment units, with a combined market value in excess of
$5.4 billion. Triple Net Properties and affiliates are currently buying and
selling properties throughout the United States, offering a full range of
commercial real estate investments, including tenant-in-common (TIC) programs
for investors structuring tax-deferred (like-kind) exchanges under Section
1031 of the Internal Revenue Code, real estate investment trusts (REITs) and
institutional investments.
FORWARD-LOOKING LANGUAGE
This press release contains "forward-looking statements" within the
meaning of Private Securities Litigation Reform Act of 1995. Any statement in
this press release about expectations, beliefs, plans, objectives, assumptions
or future events or performance are not historical facts and are forward
looking statements. Any forward-looking statements are based upon the current
beliefs and expectations of management and involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance, achievements or transactions of the company and its affiliates to
be materially different from any future results, performance, achievements or
transactions expressed or implied by such forward-looking statements.
The following factors, among others, could cause actual results to differ
materially from the anticipated results or other expectations expressed in the
forward-looking statements: changes in the company's results of operations;
uncertainties relating to the implementation of the company's real estate
investment and asset management strategies; changes in general and local
economic and real estate conditions; the inability to combine the businesses
of NNN Realty Advisors and Grubb & Ellis successfully, or that such
combination may take longer, be more difficult, time-consuming or costly to
accomplish than expected; and increased operating costs and business
disruption following the merger of NNN Realty Advisors and Grubb & Ellis,
including adverse effects on employee retention and on business relationships
with third parties.
Additional information or factors which could impact the company and the
forward-looking statements contained herein are included in Grubb & Ellis'
filings with the Securities and Exchange Commission, including but not limited
to the joint proxy statement/prospectus of Grubb & Ellis and NNN Realty
Advisors. Any forward looking statements speak only as of the date on which
they are made and the company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.
SOURCE Triple Net Properties, LLC
Jill Swartz of Triple Net Properties, LLC, +1-714-667-8252, ext. 251,
jswartz@1031nnn.com
