Santa Ana, Calif., December 28, 2007 – Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has acquired the Eastern Wisconsin Medical Portfolio on behalf of tenant-in-common investors. The acquisition closed on December 21, 2007.
The Eastern Wisconsin Medical Portfolio consists of five single-story Class A medical office buildings and one two-story Class A medical office building totaling approximately 153,000 square feet. Built between 2000 and 2007, the buildings are located in six different cities throughout eastern Wisconsin and are subject to 15 year, triple-net leases for 100% of the space to Aurora Medical Group, Inc., a subsidiary of Aurora Health Care, Inc. (Aurora), a regional healthcare provider. Each of the state-of-the-art medical office buildings are strategically located to serve Aurora-owned hospitals as part of a carefully assembled provider network. Aurora employs more than 25,000 people, and is the area’s largest private-sector employer, as well as the largest healthcare provider in the state of Wisconsin. Aurora Health Care, Inc. has a BBB+ credit rating by Standard & Poor’s and an Arating by Fitch.
Triple Net Properties purchased the Eastern Wisconsin Medical Portfolio from Aurora Medical Group, Inc., which was represented by David Boerke and Jack Price of the Boerke Company, Inc. Financing was arranged by Joseph Byers of Commercial Realty Capital and provided by PNC Bank.
Triple Net Properties, LLC became a wholly owned indirect subsidiary of Grubb & Ellis Company, a leading real estate services and investment management firm, on December 7, 2007, subsequent to Triple Net Properties’ acquisition of the Eastern Wisconsin Medical Portfolio. Triple Net Properties and affiliates manage a growing portfolio of nearly 39 million square feet of real estate, including more than 10,000 apartment units, with a combined market value in excess of $5.4 billion. Triple Net Properties and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investments, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, real estate investment trusts (REITs) and institutional investments.
