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Triple Net Buys 153,000-SF Office Building

EVANSTON, IL-The Church Street Office Center is currently 93% leased with an expected new lease to bump the rate to 98%.

By Gina Kenny | Updated on August 21, 2007

(Read more on the TIC market.)

EVANSTON, IL-Triple Net Properties LLS, based in Santa Ana, CA, has acquired the Church Street Office Center at 1007 Church St. The acquisition was made on behalf of tenant-in-common investors. Triple Net purchased the property from Chicago-based Church Street Office Center, which will be retained to manage the building, says Dan Prosky, managing director for healthcare properties.

The sales price was not disclosed; however, similar buildings have sold for about $16 million. The buyer was represented by Jeff Frankel, with NorthMarq Capital.

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