Santa Ana, Calif., December 28, 2007 – Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has sold Brookhollow Park on behalf of tenant-in-common investors. The disposition closed on December 20, 2007.
Brookhollow Park is a four-story, approximately 102,000-square-foot office building in San Antonio, Texas. Built in 2001, the architecturally distinctive property is conveniently located within close proximity to numerous restaurants, hotels, and health club facilities. Brookhollow Park is located at the northeast corner of Highway 281 North and Central Parkway North. The property is currently 94 percent leased to numerous tenants, including Carter & Burgess, IBM, Office Depot, Linebarger, and Goggin, Blair & Sampson.
Brookhollow Park, originally purchased in July 2002, was sold to BHP Funding Corporation. Ryan Gallagher of Grubb & Ellis Company was the broker in the transaction.
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.