SANTA ANA, Calif., Sept. 15 /PRNewswire/ -- Triple Net Properties, LLC announced today an agreement with Wachovia Bank, N.A., an affiliate of Wachovia Corporation , that creates a strategic relationship between two of the leading companies in banking and investment real estate.
This transaction provides capital from Wachovia Bank and provides Triple Net access to Wachovia's wide range of financing programs, banking products and services. Triple Net anticipates additional financing from Wachovia to fuel Triple Net's acquisition pipeline for its investment programs, including REITs, Tenant-in-Common and Co-Investment programs and Funds.
"Our expectations for this relationship extend beyond a line of credit," said Bill Green, Managing Director and head of Real Estate Capital Markets at Wachovia Securities. "We expect both parties to benefit considerably from our shared expertise under this relationship."
"We have a strong track record in real estate investing; Wachovia's resources only make us stronger," said Triple Net President Louis Rogers. "Going forward, we are excited about being able to meet the needs of still more investors thanks to our growing relationship with Wachovia."
"We believe Wachovia's new financing arrangement speaks volumes about our success at Triple Net," said company Founder and CEO Tony Thompson. "We are honored to have an institution such as Wachovia endorse our approach to real estate and our business plan," according to CFO Scott Peters who helped negotiate the transaction.
About Wachovia
Wachovia Corporation is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders' equity of $48.9 billion at June 30, 2006.
Wachovia Securities is the trade name for the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC, member NYSE, NASD, SIPC, and Wachovia Bank, N.A.
About Triple Net Properties, LLC
Triple Net Properties, LLC is one of America's top-performing real estate investment companies and a longstanding leader in providing investors with such tax-advantaged solutions as Tenant-in-Common 1031 exchanges and real estate private placements. Triple Net is also sponsor of innovative non- traded REIT programs including the recently launched NNN Apartment REIT. Triple Net manages a growing portfolio of over 30.9 million square feet of commercial properties, including 3.3 million square feet of multi-family properties, with a combined market value of more than $4.2 billion. From the company headquarters in Santa Ana, California, and numerous regional offices, Triple Net and its affiliates are currently buying and selling properties throughout the United States.
