(To read more on the TIC market, click here.)
MARLTON, NJ-Triple Net Properties has picked up the 88,793-sf Lake Center IV bought on behalf of a group of tenant-in-common investors for $19.8 million. The seller was Lake Center IV LLC.
Lake Center IV, located at 401 Route 73 North, is a four-story class A building constructed by Opus East in late 2004. The building is 93% leased and 76% occupied by Indymac Bank FSB (with 53% of the building), law firm Stark & Stark, law firm Rawle & Henderson and Grubb & Ellis, which was marketing the building for sale.
Eric Berkman and Steve Gichner of Grubb & Ellis represented the seller. The TIC investors were represented by Steve Leathers of Triple Net's acquisitions team. Financing was provided by Wachovia Securities and was arranged by Brad Zampa and Matt Gum of Cornish & Carey.
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