Pending Grassmere Park deal could be one of richest in Nashville�s history

Thursday, June 21, 2007 at 1:00am

Several properties at Grassmere Park could soon be sold to a California firm, The City Paper has learned.

And, if the purchase price is better than what the current owner, Connecticut-based Talcott Realty Investors, paid for the five properties in 2004, the deal could be worth well north of $160 million. This would make the pending deal one of the richest ever in done in Nashville.

Triple Net Properties, based in South Coast Metro, Calif., should close on the deal within the next few weeks, after buying the business park properties from current owner Talcott Realty Investors.

In 2004 Talcott paid $159.5 million, or $31.9 million each, for the five properties off Trousdale near Harding Place and I-65, property records show.

Officials at Triple Net had no comment on the pending deal. The Talcott properties at Grassmere are marketed by Nashville Commercial Real Estate Services (NCRES), which was also the broker in 2004 when Talcott bought the five Grassmere properties from Lord Baltimore Properties.

Officials with NCRES did not return phone calls seeking comment on the deal.

Triple Net Properties and affiliates manage a growing portfolio of approximately 35 million square feet of real estate, including over 7,300 apartment units, with a combined market value of nearly $4.7 billion.

Triple Net Properties is a subsidiary of Santa Ana, Calif.-based NNN Realty Advisors, Inc., a nationwide commercial real estate asset management and services firm. NNN Realty recently announced a merger agreement with Grubb & Ellis, creating a real estate services company with a total capitalization of approximately $725 million.

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