Triple Net Properties Acquires North Scottsdale Medical Office Portfolio in Scottsdale, Arizona

SANTA ANA, Calif., April 4 /PRNewswire/ -- Triple Net Properties, LLC, announced today the acquisition of North Scottsdale Medical Office Portfolio on behalf of tenant-in-common investors. The acquisition closed on March 29, 2007.

North Scottsdale Medical consists of three medical office buildings totaling approximately 154,000 rentable square feet adjacent to the 343-bed Scottsdale Healthcare Shea Campus in Scottsdale, Arizona. Two of the properties are contiguous, while the third property is located on the opposite side of the medical campus. Located within blocks of the Loop 101 Freeway, North Scottsdale Medical enjoys high visibility and easy access. The property is 93% leased to a variety of healthcare-related tenants.

The property was purchased from a collection of limited liability corporations, all of which were represented by Kevin Shannon of CB Richard Ellis. Financing was provided by Wachovia Bank, N.A., arranged by Kirk Danley and Eric Tupler of CBRE Melody.

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 7,600 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.