EX-99.1
11
exhibit10.htm
EX-99.1
EX-99.1
Contact: Jill Swartz
Triple Net Properties, LLC
1551 N. Tustin Avenue, Suite 300
Santa Ana, California 92705
714-667-8252 ext. 251
jswartz@1031nnn.com
NNN 2003 VALUE FUND ACQUIRES THE SEVENS BUILDING
IN ST. LOUIS, MISSOURI
Santa Ana, Calif., October 31, 2007
- Chief Executive Officer Richard T. Hutton, Jr.
announced today that NNN 2003 Value Fund, LLC has acquired The Sevens Building. The acquisition
closed on October 25, 2007.
The Sevens Building is a 24-story, Class A office building totaling approximately 197,000 square
feet in Clayton, Missouri, a submarket of St. Louis. The property is within close proximity to
numerous restaurants, hotels, art galleries, fitness centers, a county courthouse and a Metrolink
transportation station. With a ten-level, 875 space parking garage, the property provides an ample
parking ratio of 4.5 spaces per 1,000 square feet, the highest in the Clayton Central Business
District.
Built in 1972, The Sevens Building was completely renovated between 1998 and 2000, which resulted
in significant improvements in comfort, convenience, and visual appeal for both tenants and
visitors alike. In recognition of this extensive renovation program, the property received the
prestigious Office Building of the Year Award in 2001 from the Building Owners and Managers
Association (BOMA). The Sevens Building is 79 percent leased to 56 tenants, including Smith, Moore
& Company, Grubb & Ellis | Gundaker Commercial Group and Clockwork Home Service.
NNN 2003 Value Fund, LLC purchased The Sevens Building from Sevens St. Louis L.L.C., a Delaware
Limited Liability Company, which was represented by Mike Hanrahan and Paul Hilton of Colliers
International. Financing was arranged by Eric Tupler from CBRE | Melody and provided by General
Electric Capital Corporation
Triple Net Properties, LLC, the manager of NNN 2003 Value Fund, 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 39 million
square feet of real estate, including more than 10,100 apartment units, with a combined market
value in excess of $5.4 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.
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EX - 99 . 1 11 exhibit10 . htm EX - 99 . 1 EX - 99 . 1 Contact : Jill Swartz Triple Net Properties , LLC 1551 N. Tustin Avenue , Suite 300 Santa Ana , California 92705 714 - 667 - 8252 ext . 251 jswartz@1031nnn.com NNN 2003 VALUE FUND ACQUIRES THE SEVENS BUILDING IN ST . LOUIS , MISSOURI Santa Ana , Calif . , October 31 , 2007 - Chief Executive Officer Richard T . Hutton , Jr . announced today that NNN 2003 Value Fund , LLC has acquired The Sevens Building . The acquisition closed on October 25 , 2007 . The Sevens Building is a 24 - story , Class A office building totaling approximately 197,000 square feet in Clayton , Missouri , a submarket of St . Louis . The property is within close proximity to numerous restaurants , hotels , art galleries , fitness centers , a county courthouse and a Metrolink transportation station . With a ten - level , 875 space parking garage , the property provides an ample parking ratio of 4 . 5 spaces per 1,000 square feet , the highest in the Clayton Central Business District . Built in 1972 , The Sevens Building was completely renovated between 1998 and 2000 , which resulted in significant improvements in comfort , convenience , and visual appeal for both tenants and visitors alike . In recognition of this extensive renovation program , the property received the prestigious Office Building of the Year Award in 2001 from the Building Owners and Managers Association ( BOMA ) . The Sevens Building is 79 percent leased to 56 tenants , including Smith , Moore & Company , Grubb & Ellis | Gundaker Commercial Group and Clockwork Home Service . NNN 2003 Value Fund , LLC purchased The Sevens Building from Sevens St . Louis L . L . C . , a Delaware Limited Liability Company , which was represented by Mike Hanrahan and Paul Hilton of Colliers International . Financing was arranged by Eric Tupler from CBRE | Melody and provided by General Electric Capital Corporation Triple Net Properties , LLC , the manager of NNN 2003 Value Fund , 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 39 million square feet of real estate , including more than 10,100 apartment units , with a combined market value in excess of $ 5.4 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 . # # #