Property Management Software

SANTA ANA, Calif., Feb. 7 /PRNewswire/ -- Louis Rogers, President of Triple Net Properties, LLC, today announced the acquisition of The Gallery Professional Building in St. Paul, Minnesota. The acquisition closed on February 5, 2007.

The Gallery Professional Building is an eight-story medical office building totaling more than 100,000 rentable square feet located above a 660 space underground parking garage (owned by the City of St. Paul and not a part of the acquisition) in St. Paul`s thriving Central Business District. The building is connected by a skyway to St. Joseph`s Hospital, which recently announced an $80 million expansion that will include a 90-room patient tower. The Gallery is approximately 68 leased to 14 tenants, including Summit Orthopedics, Medical Associates of Minnesota, and Health East Medical Research Institute.

Triple Net Properties purchased the property from the Port Authority of St. Paul, which was represented by Jim McCaffrey of Colliers Turley Martin Tucker. Funding was provided by LaSalle Bank of Chicago, arranged by 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 nearly 33 million square feet of real estate, including more than 6,600 apartment units, with a combined market value of approximately $4.3 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.