SANTA ANA, CA -- Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has sold University Shopping Center on behalf of tenant-in-common investors. The disposition closed on March 30, 2007.
University Shopping Center is a roughly 170,000-square-foot retail center located in College Station, Texas. Built in 2002, the property is 100 percent occupied by multiple tenants, including nationally-recognized brands like Ross Dress-For-Less, PETCO, Goody's, Hobby Lobby, and Shoe Carnival. The center caters to the 46,000 students that attend Texas A&M University, which lies just a quarter mile away, and enjoys a highly-visible location on a lighted intersection with a daily traffic count of 66,140 cars per day.
University Shopping Center, originally purchased in September 2002, was sold to Principle Equity Management, LP. Ryan Gallagher of Grubb and Ellis Company represented the tenant-in-common sellers and Principle Equity in the transaction.
Triple Net Properties, LLC is a wholly-owned subsidiary of NNN Realty Advisors, Inc., a nationwide commercial real estate asset management and services firm. Triple Net Properties, LLC and affiliates manage a growing portfolio of nearly 34 million square feet of real estate, including more than 7,300 apartment units, with a combined market value of approximately $4.6 billion. Triple Net Properties, LLC 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), value added property funds, and institutional investments.
Source: Triple Net Properties, LLC
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CONTACT: Jill Swartz of Triple Net Properties, LLC, +1-714-667-8252,
ext. 251, jswartz@1031nnn.com
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