Tuesday, June 3, 2008

G&E/Triple Net off the hook

The SEC has closed its investigation of Triple Net Properties (it merged, as you may recall with Grubb & Ellis last year, and Tony Thompson, the founder of Triple Net, went off to start his own new company) without taking any enforcement action.

I'm really glad to hear this. Without naming names, I was in the past a little worried sometimes about some of the players in this field. I remember one deal where the buyer was literally taking little old ladies to look at a shopping mall being acquired in a NNN deal and levered to the hilt. I wondered aloud whether this was an appropriate investment vehicle for them. Yes, it was not my client.

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