Regions West | Denver
Triple Net Closes TIC Deals in South Carolina, California
Oct 8, 2007
By: Dees Stribling, Contributing Correspondent

In two deals that closed a few days apart in late September and early October, Triple Net Properties L.L.C. has acquired and sold properties in different parts of the country on behalf of tenant-in-common investors.

The first acquisition, which closed on Oct. 1, is of Ashley Overlook, a four-story office building totaling about 103,700 square feet within the 80-acre Faber Place Office Park in Charleston, S.C. The property includes 343 parking spaces and is currently 91 percent leased to tenants including Select Health of South Carolina, Springfield College and O'Shaughnessy Real Estate.

In a separate transaction, Triple Net sold 633 17th Street in downtown Denver on behalf of tenant-in-common investors in a disposition that closed on Sept. 28. The building is currently 92 percent leased to tenants that include the State of Colorado and Sherman & Howard L.L.C. Triple Net originally bought the property in December 2005, and it was sold to Toma West.

Triple Net Properties is a subsidiary of NNN Realty Advisors Inc., a commercial real estate asset management firm; its acquisition by Grubb & Ellis Co., which was inked earlier this year, is close to being finalized. Triple Net and its affiliates currently manage a portfolio of nearly 39.1 million square feet of real estate, including more than 10,000 apartment units, with a combined market value of about $5.4 billion.

 
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