According to an SEC filing by the buyer, the price was $26.7 million, which was funded with approximately $27.9 million from its secured revolving line of credit with LaSalle Bank National Association and arranged by Brad Feine of LaSalle. Carl Nielson of the area office of Grubb & Ellis represented the seller, Lexington Valley Forge LP, in the transaction.
The property is 100% leased to Lyndhurst, NJ-based Quest Diagnostics through April 2011. Quest, a Fortune 500 company, provides diagnostic testing, information and services and utilizes this property as its national revenue services center. The property, which provides parking for 540 vehicles, was built in 1985 and extensively renovated in 2001.
Calling it "a high-quality addition to the NNN Healthcare/Office REIT portfolio of properties," Danny Prosky, VP of acquisitions, says, "we have a superior tenant in place and have further diversified our holdings with this acquisition." The other 12 acquisitions are spread across 10 states. Including the Valley Forge asset, the portfolio is valued at in excess of $231 million,
NNN Healthcare/Office REIT offers a monthly distribution of 7.3% a year. It is an affiliate of NNN Realty Advisors Inc., which manages a diverse portfolio of more than 39.1 million sf and has an aggregate market value of nearly $5.3 billion.
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