TIC investors snag New Jersey structure

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Triple Net Properties LLC recently represented tenant-in-common investors in the acquisition of the 89,000-square-foot Lake Center in Marlton, N.J. The value of the transaction was not disclosed. Lake Center is a four-story, class A office building that includes 8.2 acres of land in an 18.9-acre office park, which contains walking and jogging paths overlooking two lakes. At the time of sale, Lake Center was approximately 93 percent leased by four tenants, which include: Indymac Bank F.S.B., Stark & Stark, Rawle & Henderson and Grubb & Ellis Co. Construction of Lake Center was completed during the fourth quarter of 2004 by one the nation's premier office developers, Opus East LLC. Lake Center IV LLC sold the property. ...