Santa Ana, Calif., February 4, 2008 – Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has acquired Washington Park Office Center on behalf of tenant-in-common investors. The acquisition closed on January 31, 2008.
Washington Park Office Center consists of two three-story multi-tenant Class A office buildings (Washington Park I and II) totaling approximately 154,000 square feet in Dayton, Ohio. Constructed between 1988 and 1990 on more than nine acres, the buildings are located in the heart of Dayton’s premier suburban market and offer convenient access to Interstates 675 and 75, as well as numerous restaurants, hotels, and shopping centers. Washington Park I and II each feature a commanding three-story atrium, interior plant scapes, swipe card access systems, and a shared 714 space surface lot, which provides 4.5 spaces per 1,000 square feet. Washington Park Office Center is currently 92 percent leased to numerous tenants, including Dayton Superior Corporation, GS1 US Inc., Eubel Brady & Suttman, UBS, Merrill Lynch, Citigroup Global Markets Inc., and Wachovia Securities.
Triple Net Properties purchased Washington Park Office Center from TAMME Investments, LLC and Washington Park I, LLC which were represented by Mike Wenzler of the Wenzler Group. Financing was provided by American National Insurance Company and arranged by Jeff Morris of Morris, Smith, Feyh, Incorporated and Joseph M. Gonzales of Key Bank.
Triple Net Properties, LLC is a wholly owned indirect subsidiary of Grubb & Ellis Company, a leading real estate services and investment management firm. 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.
