9/18/2007

Triple Net affiliate acquires Pa. medical facility for $26.7 million

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NNN Healthcare/Office REIT, an affiliate of Triple Net Properties, purchased a medical office building at 2750 Monroe Blvd., in Norristown, Pa., a suburb of Valley Forge.

The Triple Net affiliate acquired the property for $26.7 million from New York-based Lexington Realty Trust, who was represented in the transaction by Grubb & Ellis' Philadelphia office.

Included with the 106,000 square foot office facility was a 3,400 square foot storage building. The two buildings were constructed in 1985 on 10.5 acres and were renovated in 2001.

The property was 100 percent leased at the time of sale to Quest Diagnostics, a clinical laboratory service.

Triple Net Properties is a Santa Ana, Calif.-based asset and property management, brokerage, leasing, analysis and consultation firm.

Lexington Realty Trust is single-tenant property investment company with interests in 367 properties.

Address: 2750 Monroe Blvd., Norristown, Pa.

Size: 109,400 square feet

Built: 1985

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Filed Under: Office

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