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Triple Net's Four-Year Hold Harvests $16.5M

FONTANA, CA-Diversified Partners of Irvine pays $14.8 million for the Palm Court at Empire Center while Oakland-based Kaiser Foundation Health Plan spends $1.7 million for a freestanding building in the center in a splitting of 266,000 sf.

By Bob Howard | Updated on June 09, 2003

FONTANA, CA-Triple Net Properties LLC of Santa Ana has sold Palm Court at Empire Center and a freestanding structure at the center, known as Building M, to two buyers for a combined $16.5 million.

The Irvine-headquartered Diversified Partners Inc. acquired the Palm Court at Empire Center for $14.8 million. The 29,890-sf, freestanding building M was sold to Oakland-based Kaiser Foundation Health Plan Inc. for close to $1.7 million. Triple Net, which specializes in tenant-in-common acquisitions and dispositions, sold the properties, totaling 266,000 sf, on behalf of NNN Empire Center LLC and its tenants-in-common.

Tony Thompson, president of Triple Net, tells GlobeSt.com that the investment firm acquired its 266,000-sf portion of the estimated one-million-sf Empire Center shopping center in August 1999. At that time, Triple Net’s stake included about 110,000 sf of empty space. Thompson says Triple Net filled most of the empty space in a value-added play, leaving only about 18,000 sf of the center vacant at sale time to Diversified Partners.

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