SANTA ANA, CA -- Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has sold 4 Hutton Centre on behalf of tenant-in-common investors. The disposition closed on April 19, 2007.
4 Hutton is a Class A, 210,041-square-foot, 10-story office building located in the South Coast Metro area of Orange County, California. The property is leased to 18 tenants, including Stearns (formerly First Pacific Financial), Carter Burgess, Borland Software and LandAmerica. The property provides tenants with a six-story adjacent parking garage and is located in close proximity to 2 Hutton Centre, a retail complex that houses an ideal mix of amenities, including restaurants, a florist, coffee house and juice bar. 4 Hutton is strategically located in a rapidly expanding commercial neighborhood that is one of the most sought-after office environments in Orange County.
4 Hutton Centre was sold to Legacy Partners Commercial, Inc. Bob Smith of CB Richard Ellis represented Triple Net Properties and Legacy Partners in the transaction. 4 Hutton Centre was originally purchased in January 2005.
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 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.
Legacy Partners Commercial, Inc. is a privately held real estate company operating throughout the western United States. Since 1972, the company has acquired, developed and managed 118 million square feet of commercial property at a cost of $7.5 billion, and currently owns a 14 million square foot portfolio valued at $3.3 billion. Legacy's primary focus is on office, R&D and industrial properties in select, growth-oriented markets. Their investment activities are funded through fully discretionary co-mingled funds that are managed through their Investment Management Services. They are a vertically integrated real estate operating company providing property management, leasing, construction, architectural, development, disposition and financing services. Legacy Partners is headquartered in Foster City, California and has regional offices in San Jose, Los Angeles, Long Beach, Irvine, San Diego, Denver and Seattle.
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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