824 Market St., which was acquired on behalf of tenant-in-common investors, is 85% occupied by such tenants as the United States Bankruptcy Court, Cooch and Taylor, and Salomon Smith Barney. Kirk Danley of CB Richard Ellis|Melody arranged financing, which was provided by LaSalle Bank.
G REIT acquired 824 Market St. in October 2003 for $31.9 million. Proceeds from its sale to Triple Net Properties equaled approximately $16.6 million, after paying off a related mortgage loan, closing costs and other transaction expenses and the return of lender required reserves.
G REIT, which invests in buildings in which a government entity or related entity is a tenant, has been liquidating its assets ever since its stockholders approved the plan to sell off its assets more than a year ago. G REIT sold ten properties in 2006 and five thus far in 2007, including the 573,000-sf One World Trade Center office in Long Beach, CA for $148.9 million, as reported in GlobeSt.com. Another 10 are listed for sale.
Triple Net Properties LLC, a wholly owned subsidiary of NNN Realty Advisors, acts as adviser to G REIT and manages its day-to-day operations. According to G REIT's March 31, 2007 10-Q quarterly report, management estimated a cumulative net liquidation value of approximately $10.99 per share of common stock.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
