Stephen Corea, VP of acquisitions for Triple Net, tells GlobeSt.com that G REIT's former $35 million line of credit has been extended to $75 million by LaSalle Bank of Chicago. The credit line could go eventually go to $200 million as LaSalle, as lead bank, signs up other banks as participants in the credit line.
G REIT, which was formed about two years ago, owns a portfolio of nine properties valued at approximately $100 million and already has plans for about $120 million more in acquisitions, according to Corea. He explains that G REIT, which acquires properties separately from Triple Net, focuses on multi-tenant buildings in which at least 20% of the space is occupied either by government agencies or by vendors and suppliers to government entities, hence the G in G REIT.
The idea behind G REIT is that such government-oriented tenants provide a stable source of rent and, when they grow, are likely to expand within the same buildings they already occupy. Triple Net Properties acquires its assets on a tenant-in-common basis for 1031 exchange clients, typically buying a property through a limited liability company (LLC) that is formed for the purchase. G REIT, by contrast, buys its properties as a corporate entity. Corea tells GlobeSt.com that G REIT already owns properties in California, Texas, Florida, Illinois and Nebraska. With the new credit line, he says, the company will be acquiring assets throughout the country.
Triple Net, based here, manages a growing portfolio of more than 11 million sf of commercial properties with a market value of $1 billion. It is buying and selling properties throughout the Western United States, Florida, Illinois, Nevada, Texas and the Hawaiian Islands.
Triple Net has been one of the most active Southern California-based buyers of commercial properties in recent months, chalking up purchases that include its recent acquisition of 901 Corporate Center in Monterey Park for $16.15 million; Jamboree Promenade Shopping Center in Irvine for approximately $20.2; and Xerox Centre here for $60.5 million.
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