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Home > Banking News > Triple Net, LLC Announces Disposition of Emerald Plaza
Triple Net, LLC Announces Disposition of Emerald Plaza
Louis Rogers, President of Triple Net Properties, LLC, announced today the disposition of Emerald Plaza on behalf of tenant in common investors.
Santa Ana, California, (PRWEB) November 17, 2005 -- Louis Rogers, President of Triple Net Properties, LLC, announced today the disposition of Emerald Plaza on behalf of tenant in common investors.
Emerald Plaza was sold to RREEF for over $123,000,000. Emerald Plaza was originally purchased in July 2004 for $96,100,000 and is the largest full-cycle securitized tenant in common transaction to date. This is the 23rd property Triple Net Properties has sold on behalf of investors in 2005.
Emerald Plaza is a 355,000-square-foot, Class A trophy office tower located in downtown San Diego, California. Emerald plaza is an architecturally unique landmark building with hexagon shapes topped with emerald green neon lighting. The property is leased to 52 tenants, which include HQ Global Workplaces, Foley & Lardner, Mack Barclay, and the San Diego Regional Chamber of Commerce.
This transaction highlights the evolution of the 1031 Tenant-in-Common (TIC) Industry and its appeal for investors seeking the benefits of 1031 exchange, and the Q2 2005 Edition of OMNI NEWS offers a glimpse of where this market is heading.
Specifically, the securitized TIC marketplace has grown from placing close to $167 million TIC equity in 2001 to placing $1.73 billion in 2004, and it is estimated that over $4.27 billion TIC dollars will be placed this year. This is why seasoned investors, “baby boomers” seeking to build extra retirement income, and others are turning to TICs to meet their 1031 exchange requirements. Further details on the industry are available at 1031street.com.
Triple Net Properties, LLC manages a growing portfolio of over 23.7 million square feet of commercial properties and 1.1 million square feet of multi-family properties with a market value of over $2.9 billion from their headquarters in Santa, Ana, California and numerous regional offices. Triple Net and affiliates are currently buying and selling properties throughout the United States.
Investors should also take note that TIC investments do have their drawbacks such as additional fees (mostly legal and marketing fees) and less liquidity compared with wholly owned investments in real estate, tax risks, and real estate market risks.
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