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.
