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NNN Realty Q2 Revenue Up 78%

Santa Ana-based NNN Realty Advisors Inc.,parent company of real estate investor Triple Net Properties LLC,posted second quarter revenue of $44.4 million, compared to $25 million a year ago, the company said on Thursday.

Privately-held NNN Realty counts a portfolio of 172 properties under management totaling 36.4 million square feet, valued at roughly $5 billion. It has bought almost $900 million of properties this year.

The company said it has raised $366 million to buy office, apartment and retail buildings so far this year. That includes $225 million for its core tenant-in-common business and another $141 million in non-traded real estate investment trust programs.

NNN Realty is still working to complete its acquisition of Chicago-based brokerage Grubb & Ellis Co., which is publicly traded. The reverse-merger deal was announced in May, and is expected to close later this year.

The combined company is keeping the Grubb & Ellis name, although NNN Realty’s shareholders are set to own 59% of the combined company. The company will be based in Santa Ana.

Grubb & Ellis’ latest quarterly results included revenue of $135.3 million, up 13% from a year ago.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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