Triple Net Properties renamed to capitalize on strength of Grubb & Ellis brand name
SANTA ANA, Calif. (Feb. 6, 2008) – Grubb & Ellis Company (NYSE: GBE), one of the world’s leading commercial real estate services and investment management firms, has renamed Triple Net Properties, LLC, its subsidiary, Grubb & Ellis Realty Investors, LLC.
Triple Net Properties became a subsidiary of Grubb & Ellis Company on Dec. 7, 2007, following completion of the merger of Grubb & Ellis and Triple Net’s parent company, NNN Realty Advisors, Inc.
Grubb & Ellis Realty Investors is one of the nation’s leading sponsors of securitized 1031 tenant-in-common (TIC) exchange programs, multi-member limited liability companies (LLCs), joint ventures and investment funds. The company is the managing member of the advisor to Grubb & Ellis Healthcare REIT, Inc. and Grubb & Ellis Apartment REIT, Inc.
“The Grubb & Ellis name is 50 years old and one of the best known in the commercial real estate industry,” explained Scott D. Peters, chief executive officer of Grubb & Ellis Company. “The renaming of Triple Net Properties leverages the power of the established Grubb & Ellis brand name and allows Grubb & Ellis Realty Investors to improve the distribution and market-awareness of its investment
programs.”
As of Sept. 30, 2007, Grubb & Ellis Realty Investors oversees a portfolio of assets valued at approximately $5.4 billion located throughout 28 states. The company is one of the most active buyers and sellers of commercial real estate in the United States, having executed acquisition and disposition volume totaling more than $6.8 billion between Jan. 1, 2005 and Sept. 30, 2007.
Since its founding in 1998, Grubb & Ellis Realty Investors has raised nearly $3 billion in equity from approximately 35,000 individual investors and has been one of the leaders of the securitized 1031 tenant-in-common (TIC) exchange industry. The company has sponsored more than 150 TIC programs, including an unprecedented 54 full-cycle programs.
About Grubb & Ellis Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services companies. With more than 130 owned and affiliate offices worldwide, Grubb & Ellis offers property owners, corporate occupants and investors comprehensive integrated real estate solutions, including transaction, management, consulting and investment advisory services supported by proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including tax-deferred 1031 tenant-in-common (TIC) exchanges; public non-traded real estate investment trusts (REITs) and real estate investment funds. As of September 30, 2007, nearly $3 billion in investor equity has been raised for these investment programs. The company and its subsidiaries currently manage a growing portfolio of more than 214 million square feet of real estate. In 2007, Grubb & Ellis was selected from among 15,000 vendors as Microsoft Corporation’s Vendor of the Year. For more information regarding Grubb & Ellis Company, please visit www.grubb-ellis.com.
FORWARD-LOOKING LANGUAGE
This press release contains “forward-looking statements” within the meaning of Private Securities Litigation Reform Act of 1995. Any statement in this press release about expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. Any forward-looking statements are based upon the current beliefs and expectations of management and involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the company and its affiliates to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: changes in the company’s results of operations; uncertainties relating to the implementation of the company’s real estate investment and asset management strategies; changes in general and local economic and real estate conditions; the inability to combine the businesses of NNN Realty Advisors and Grubb & Ellis successfully, or that such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; and increased operating costs and business disruption following the merger of NNN Realty
Advisors and Grubb & Ellis, including adverse effects on employee retention and on business relationships with third parties.
Additional information or factors which could impact the company and the forward-looking statements contained herein are included in Grubb & Ellis’ filings with the Securities and Exchange Commission, including but not limited to the joint proxy statement/prospectus of Grubb & Ellis and NNN Realty Advisors. Any forward-looking statements speak only as of the date on which they are made and the company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
