##### Table of Contents





UNITED STATES
    SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
  FORM 10-K
  (Mark One)þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2007oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period from
    
    to   Commission file number:0-51098
  NNN 2002 Value Fund,
    LLC
 (Exact name of registrant as
    specified in its charter)
  Virginia

75-3060438(State or other jurisdiction of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)   1551 N. Tustin Avenue, Suite 200
    Santa Ana, California

92705(Address of principal executive offices)

(Zip Code)   Registrants telephone number,
    including area code:
    (714) 667-8252
  Securities registered pursuant to
    Section 12(b) of the Act:
  Title of Each Class

Name of Each Exchange on Which RegisteredNone

None   Securities registered pursuant to
    Section 12(g) of the Act:
  Class A LLC Membership
    Interests
 Class B LLC Membership
    Interests
 Class C LLC Membership
    Interests
 (Title of Class)
  o þ
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K. o
  Rule 12b-12
  Large
    Accelerated
    Filer  o
    Accelerated
    Filer  o
    Non-accelerated
    Filer  x
    Smaller Reporting
    Company  o    Rule 12b-2 o þ
      DOCUMENTS
    INCORPORATED BY REFERENCE
    None




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##### 





NNN 2002
    Value Fund, LLC
  TABLE OF
    CONTENTS
   
 PagePART IItem 1.

Business


3Item 1A.

Risk Factors


7Item 1B.

Unresolved Staff Comments


21Item 2.

Properties


21Item 3.

Legal Proceedings


22Item 4.

Submission of Matters to a Vote of Unit
    Holders


23PART IIItem 5.

Market for Registrants Common Equity,
    Related Unit Holder Matters and Issuer Purchases of Equity
    Securities


23Item 6.

Selected Financial Data


25Item 7.

Managements Discussion and Analysis of
    Financial Condition and Results of Operations


27Item 7A.

Quantitative and Qualitative Disclosures About
    Market Risk


38Item 8.

Financial Statements and Supplementary Data


39Item 9.

Changes in and Disagreements With Accountants on
    Accounting and Financial Disclosure


39Item 9A(T).

Controls and Procedures


39Item 9B.

Other Information


39PART IIIItem 10.

Directors, Executive Officers and Corporate
    Governance


40Item 11.

Executive Compensation


43Item 12.

Security Ownership of Certain Beneficial Owners
    and Management and Related Unit Holder Matters


43Item 13.

Certain Relationships and Related Transactions,
    and Director Independence


43Item 14.

Principal Accounting Fees and Services


45PART IVItem 15.

Exhibits, Financial Statement Schedules


46SIGNATURES


68EXHIBIT 21.1EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1EXHIBIT 32.2   2




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PART I Item 1.
    Business.  The use of the words we, us or
    our refers to NNN 2002 Value Fund, LLC, except where
    the context otherwise requires.
  OUR
    COMPANY
    day-to-day
      (714) 667-8252.
  Plan of
    Liquidation
   3




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Liquidation
    Update for 2007
  
    In December 2007, we paid a liquidating distribution of
    approximately $400,000, or $67.11 per unit, to our unit holders.  CURRENT
    INVESTMENT OBJECTIVES AND POLICIES
  General
    
    preserve our unit holders capital investment;
    generate cash through the sale of our one remaining
    unconsolidated property; and
    realize capital appreciation upon the ultimate sale of our one
    remaining unconsolidated property.      Disposition
    Strategies
    
    the ability to sell our one remaining unconsolidated property at
    the highest possible price in order to maximize the return to
    the unit holders; and
    the ability of prospective buyers to finance the acquisition of
    our asset. 4




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Operating
    Strategies
    
    managing costs and seeking to minimize operating expenses by
    centralizing management, leasing, marketing, financing,
    accounting, renovation and data processing activities;
    improving rental income and cash flow by aggressively marketing
    rentable space and raising rents when feasible;
    emphasizing regular maintenance and periodic renovation to meet
    the needs of tenants and to maximize long-term returns; and
    refinancing our property when favorable financing terms are
    available to increase the cash flow.  FINANCING
    POLICIES
    TAX
    STATUS
    DISTRIBUTION
    POLICY
    COMPETITION
       5




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GOVERNMENT
    REGULATIONS
    Costs of Compliance with the Americans with Disabilities
    Act.
  Costs of Government Environmental Regulation and Private
    Litigation.
  Use of Hazardous Substances by Some of Our Tenants.
  Other Federal, State and Local Regulations.
 6




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SIGNIFICANT
    TENANTS
    Percentage of





Lease2007 Annual


2007 Annual


Square Footage


ExpirationTenant

Base Rent*


Base Rent


(Approximately)


DateHomeland Security

$
3,408,000



25.6%



76,000



April 2012North American Co. Life and Health Ins

$
2,371,000



17.8%



101,000



Feb. 2012Akzo Nobel, Inc

$
2,028,000



15.3%



90,000



Dec. 2013US Treasury

$
1,614,000



12.1%



37,000



Feb. 2013Employers Reinsurance Corporation

$
1,513,000



11.4%



67,000



Jan. 2008
(1)       (1)
    
    On December 21, 2006, Realty received a termination notice
    from Employers Reinsurance Corporation notifying Realty of
    their intent to exercise their option to terminate their lease
    effective January 1, 2008 at the Congress Center property.
    Effective January 1, 2008, Employers Reinsurance
    Corporations lease was terminated.    EMPLOYEES
    FINANCIAL
    INFORMATION ABOUT INDUSTRY SEGMENTS
    Item 1A.
    Risk
    Factors.  Risks
    Associated with Our Liquidation
  We may
    delay and/or reduce our liquidating distributions to our unit
    holders.
    Our
    plan of liquidation allows for the sale of our one remaining
    unconsolidated property interest to affiliates.
   7




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If any
    of the parties to a future sale agreement default thereunder, or
    if a sale does not otherwise close, our liquidating
    distributions to our unit holders may be delayed or
    reduced.
  and/or
  If we
    are unable to find a buyer for our one remaining unconsolidated
    property at our expected sales price, our liquidating
    distributions to our unit holders may be delayed or
    reduced.
  and/or
  Decreases
    in property values may reduce the amount that we receive upon
    the sale of our one remaining unconsolidated
    property.
    
    adverse changes in economic conditions;
    the financial performance of our tenants, and the ability of our
    tenants to satisfy their obligations under their leases;
    terminations and renewals of leases by our tenants;
    competition; and
    changes in real estate tax rates and other operating expenses.   8




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If we
    are unable to maintain the occupancy rates of currently leased
    space and lease currently available space, if tenants default
    under their leases or other obligations to us during the
    liquidation process or if our cash flow during the liquidation
    is otherwise less than we expect, our liquidating distributions
    to our unit holders may be delayed and/or reduced.
    If our
    liquidation costs or unpaid liabilities are greater than we
    expect, our liquidating distributions to our unit holders may be
    delayed and/or reduced.
  and/or and/or
  If we
    are not able to sell our one remaining unconsolidated property
    in a timely manner, we may experience severe liquidity problems,
    may not be able to meet our obligations to our creditors and
    ultimately may become subject to bankruptcy
    proceedings.
    We
    expect to incur significant costs in connection with Exchange
    Act compliance and we may become subject to liability for any
    failure to comply.
  Form 10-Q, Form 10-K Form 8-K,
 9




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We
    expect to incur increasingly significant costs in connection
    with Sarbanes-Oxley compliance and we may become subject to
    liability for any failure to comply.
    and/or
  If we
    are unable to retain our Manager and sufficient executives and
    staff members of our Manager to complete our plan of liquidation
    in a reasonably expeditious manner, our liquidating
    distributions to our unit holders might be delayed or
    reduced.
    and/or
  Our
    unit holders may not receive any profits resulting from the sale
    of our one remaining unconsolidated property, or receive such
    profits in a timely manner, because we may provide financing to
    the purchaser of such property.
   10




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Our
    entity value may be adversely affected by adoption of our plan
    of liquidation.
  winding-up
  There
    can be no assurance that our plan of liquidation will result in
    greater returns to our unit holders on their investment within a
    reasonable period of time, than our unit holders would receive
    through other alternatives reasonably available to
    us.
    Our
    Manager may amend our plan of liquidation without unit holder
    approval.
    Our
    Manager will have the authority to sell our one remaining
    unconsolidated property under terms less favorable than those
    assumed for the purpose of estimating our net liquidation value
    range.
    Our
    plan of liquidation may lead to unit holder litigation which
    could result in substantial costs and distract our
    Manager.
    Our
    Managers executives and our Manager have conflicts of
    interest that differ from our unit holders as a result of the
    liquidation.
     11




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Our
    plan of liquidation has caused our accounting basis to change,
    which could require us to write-down our assets.
    We may
    be unable to sell our interest in a limited liability company at
    our expected value.
  tenant-in-common, and/or
  Unit
    holders could be liable to the extent of liquidating
    distributions received if contingent reserves are insufficient
    to satisfy our liabilities.
   12




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and/or
  We may
    have underestimated the amount of prepayment fees or defeasance
    charges on our mortgages.
    Other
    Risks of Our Business
  The
    pending SEC investigation of our Manager could result in
    lawsuits or other legal actions against us or our
    affiliates.
  In the matter of Triple Net Properties, LLC.
  Accounting for Contingencies.
  As a
    result of our failure to timely file our Form 10 and other
    reports and documents required by the Exchange Act in 2004, we
    may be subject to SEC enforcement action or other legal
    action.
   13




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Erroneous
    disclosure in the prior performance tables in our private
    placement offering documents could result in lawsuits or other
    actions against us or our Manager which could have an adverse
    effect upon our business and results of
    operations.
    Distributions
    by us have included and will continue to include a return of
    capital.
    Due to
    the risks involved in the ownership of real estate, there is no
    guarantee of any return on our unit holders investments
    and our unit holders may lose some or all of their
    investments.
    
    changes in the general economic climate;
    changes in local conditions such as an oversupply of space or
    reduction in demand for real estate;
    changes in interest rates and the availability of
    financing; and
    changes in laws and governmental regulations, including those
    governing real estate usage, zoning and taxes.    If our
    one remaining unconsolidated property is unable to generate
    sufficient funds to pay its expenses, liabilities or
    distributions, our liquidating distributions to our unit holders
    may be reduced and/or delayed.
   14




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Our
    one remaining unconsolidated property faces significant
    competition.
    The
    sale of our assets could cause our unit holders to recognize
    income in excess of cash distributions to our unit
    holders.
    We
    depend upon our tenants to pay rent, and their inability to pay
    rent may substantially reduce our revenues and cash available
    for distribution to our unit holders.
    
    downturns in national, regional or local economic conditions
    where our property is located, which generally will negatively
    impact the demand for office space and rental rates;
    changes in local market conditions such as an oversupply of
    office properties, including space available by sublease, or a
    reduction in demand for the lease of office properties, making
    it more difficult for us to lease space at attractive rental
    rates or at all;
    competition from other available office properties owned by
    others, which could cause us to lose current or prospective
    tenants or cause us to reduce rental rates to competitive levels;
    our ability to pay for adequate maintenance, insurance, utility,
    security and other operating costs, including real estate taxes
    and debt service payments, that are not necessarily reduced when
    circumstances such as market factors and competition cause a
    reduction in income from a property; and
    changes in federal, state or local regulations and controls
    affecting rents, prices of goods, interest rates, fuel and
    energy consumption.   15




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Lack
    of diversification and illiquidity of real estate may make it
    difficult for us to sell underperforming properties or recover
    our investment in our one remaining unconsolidated
    property.
    Lack
    of geographic diversity may expose us to regional economic
    downturns that could adversely impact our operations or our
    ability to recover our investment in our one remaining
    unconsolidated property.
    Due to
    our ownership of only a single property interest in the Congress
    Center property, we are dependent upon those tenants that
    generate significant rental income at Congress Center, which may
    have a negative impact on our financial condition if these
    tenants are unable to meet their rental obligations to
    us.
     16




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Losses
    for which we either could not or did not obtain insurance will
    adversely affect our earnings and we may be unable to comply
    with insurance requirements contained in mortgage or other
    agreements due to high insurance costs.
  and/or
  Our
    co-ownership arrangements with affiliated entities may not
    reflect solely our unit holders best interests and may
    subject these investments to increased risks.
    
    the risk that the co-owner(s) in the investment might become
    bankrupt;
    the risk that the co-owner(s) may at any time has economic or
    business interests or goals which are inconsistent with our
    business interests or goals;
    the risk that the co-owner(s) may not be able to make required
    payments on loans under which we are jointly and severally
    liable;
    the risk that all the co-owners may not approve refinancings,
    leases and lease amendments requiring unanimous consent of
    co-owners that would have adverse consequences for our unit
    holders; or
    the risk that the co-owner(s) may be in a position to take
    action contrary to our instructions or requests or contrary to
    our policies or objectives, such as selling a property at a time
    when it would have adverse consequences to us.   17




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There
    is currently no public market for our units. Therefore, it will
    likely be difficult for our unit holders to sell their units
    and, if our unit holders are able to sell their units in a fully
    liquid manner, our unit holders may elect to do so at a
    substantial discount from the price our unit holders paid for
    these matters.
    We do
    not expect to register as an investment company under the
    Investment Company Act of 1940 and, therefore, we will not be
    subject to the requirements imposed on an investment company by
    such Act.
    
    limitations on the capital structure of the entity;
    restrictions on certain investments;
    prohibitions on transactions with affiliated entities; and
    public reporting disclosures, record keeping, voting procedures,
    proxy disclosure and similar corporate governance rules and
    regulations.      If we
    are required to register as an investment company under the
    Investment Company Act of 1940, the additional expenses and
    operational limitations associated with such registration may
    reduce our unit holders investment return.
       18




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Our
    success will be dependent on the performance of our Manager as
    well as key employees of our Manager.
  day-to-day and/or
  Our
    use of borrowings to partially fund improvements on properties
    could result in foreclosures and unexpected debt service
    expenses upon refinancing, both of which could have an adverse
    impact on our operations and cash flow. Additionally,
    restrictive covenants in our loan documents may restrict our
    operating activities.
          The
    pending SEC investigation of our Manager could result in
    defaults or alleged defaults under our loan documents or limit
    our ability to obtain debt financing in the
    future.
   19




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and/or
  If we
    purchased our one remaining unconsolidated property at a time
    when the commercial real estate market was experiencing
    substantial influxes of capital investment and competition for
    properties, the real estate we purchased may not appreciate or
    may decrease in value.
    We
    have terminated our regular monthly distributions; future
    distributions are at the discretion of our
    Manager.
    Our
    past performance is not a predictor of our future
    results.
    The
    conflicts of interest of our Managers executives with us
    mean we will not be managed by our Manager solely in the best
    interests of our unit holders.
    and/or
  
    limit the time and services that our Manager devotes to us,
    because it will be providing similar services to G REIT
    Liquidating Trust, T REIT Liquidating Trust, NNN 2003 Value
    Fund, LLC, Grubb & Ellis 20




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##### Table of Contents



Apartment REIT, Inc. and Grubb & Ellis Healthcare
    REIT, Inc. and other real estate programs and properties;  
    impair our ability to compete for tenants in geographic areas
    where other properties are advised by our Manager and its
    affiliates; and
    impair our ability to compete for the disposition of properties
    with other real estate entities that are also advised by our
    Manager and its affiliates and seeking to dispose of properties
    at or about the same time as us.    The
    absence of arms length bargaining may mean that our
    agreements are not as favorable to our unit holders as these
    agreements otherwise would have been.
    Dramatic
    increases in insurance rates could adversely affect our cash
    flow and our ability to make liquidating distributions to our
    unit holders pursuant to our plan of liquidation.
    Item 1B.
    Unresolved
    Staff Comments    Item 2.
    Properties.  Real
    Estate Investments
      Property


GLA


%


Date


Annual


% Physical


Annual RentProperty Name

Location


(Sq Ft)


Owned


Acquired


Rent(1)


Occupancy(2)


per Sq Ft(3)Unconsolidated Property:Congress Center


Chicago, IL



519,000



12.3%



1/9/03


$
13,289,000



91.8%


$
27.86      (1)
    
    Annualized rental income is based on contractual base rent from
    leases in effect as of December 31, 2007.(2)
    
    Physical occupancy as of December 31, 2007.(3)
    
    Average effective annual rent per leased square foot as of
    December 31, 2007.   21




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##### Table of Contents




    we believe our one remaining unconsolidated property is
    adequately covered by insurance;
    we have no plans for any material renovations, improvements or
    development of the property, except in accordance with planned
    budgets; and
    our property is located in a market where we are subject to
    competition for attracting new tenants and retaining current
    tenants.    NNN 2002
    Value Fund, LLC
  
  Congress
    Center
    
  Indebtedness
    Item 3.
    Legal
    Proceedings.  SEC
    Investigation
  In the matter of Triple Net Properties, LLC.
 22




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##### Table of Contents



Accounting for Contingencies.
  Prior
    Performance Tables
    Litigation
    Item 4.
    Submission
    of Matters to a Vote of Unit Holders.   PART II Item 5.
    Market
    for Registrants Common Equity, Related Unit Holder Matters
    and Issuer Purchases of Equity Securities.  Market
    Information
     23




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##### Table of Contents



Unit
    Holders
    Distributions
      Quarters Ended

2007


2006


2005March 31


N/A


$
251.68


$
106.21June 30


N/A



N/A


$
2,048.83September 30


N/A



N/A



N/ADecember 31

$
67.11


$
167.79


$
2,684.56     Quarters Ended

2007


2006


2005March 31


N/A


$
251.68


$
106.21June 30


N/A



N/A


$
2,048.83September 30


N/A



N/A



N/ADecember 31

$
67.11


$
167.79


$
2,684.56     Quarters Ended

2007


2006


2005March 31


N/A


$
251.68


$
106.21June 30


N/A



N/A


$
2,048.83September 30


N/A



N/A



N/ADecember 31

$
67.11


$
167.79


$
2,684.56       per-unit
 24




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##### Table of Contents



Equity
    Compensation Plan Information
    Item 6.
    Selected
    Financial Data.    Form 10-K.
  Liquidation BasisAs of December 31,Selected Financial Data(1)

2007


2006


2005STATEMENT OF NET ASSETS:Total assets

$
6,191,000


$
6,884,000


$
9,571,000Net assets in liquidation(2)


5,928,000



6,819,000



8,689,000Net asset value per unit(2)

$
994.63


$
1,144.13


$
1,457.89   Liquidation BasisPeriod fromAugust 31,2005Year Ended


Year Ended


throughDecember 31,


December 31,


December 31,2007


2006


2005STATEMENT OF CHANGES IN NET ASSETS:Net assets in liquidation, beginning of period

$
6,819,000


$
8,689,000


$
24,845,000Changes to reserve for estimated costs in excess of estimated
    receipts during liquidation


(198,000
)


806,000



(652,000
)Net (decrease) increase in fair value


(293,000
)


(176,000
)


496,000Distributions to unit holders


(400,000
)


(2,500,000
)


(16,000,000
)Change in net assets in liquidation


(891,000
)


(1,870,000
)


(16,156,000
)Net assets in liquidation, end of period

$
5,928,000


$
6,819,000


$
8,689,000  25




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##### Table of Contents



Going Concern BasisAs of December 31,Selected Financial Data(1)

2004


2003BALANCE SHEET DATA:Total assets

$
73,235,000


$
75,228,000Mortgage loans payable, including property held for sale


42,172,000



41,036,000Unit holders equity


19,331,000



21,965,000Book value per unit

$
3,243.46


$
4,522.34   Going Concern BasisPeriod fromJanuary 1,2005throughAugust 31,


Year Ended December 31,2005


2004


2003OPERATING DATA:Total revenues

$



$



$
Income (loss) from continuing operations before discontinued
    operations and gain on sale of real estate investments


431,000



(380,000
)


61,000Discontinued operations, including gain on sale


7,723,000



196,000



(596,000
)Net income (loss)

$
8,154,000


$
(184,000
)

$
(535,000
)Income (loss) per unit, basic and diluted(3):Income (loss) from continuing operations

$
72.31


$
(63.76
)

$
12.56Income (loss) from discontinued operations


1,295.81



32.89



(122.71
)Net income (loss) per unit

$
1,368.12


$
(30.87
)

$
(110.15
)OTHER DATA:Cash flows provided by operating activities

$
3,378,000


$
2,984,000


$
2,140,000Cash flows provided by (used in) investing activities


22,977,000



(2,170,000
)


(47,060,000
)Cash flows (used in) provided by financing activities


(22,334,000
)


(1,326,000
)


42,176,000Distributions declared

$
12,844,000


$
2,450,000


$
1,947,000Distributions declared per unit(3)

$
2,155


$
410


$
400     (1)
    
    Pursuant to our plan of liquidation, certain amounts in the
    prior years have been reclassified as discontinued operations
    related to all properties.(2)
    
    The net assets in liquidation as of December 31, 2007, 2006
    and 2005 of $5,928,000, $6,819,000 and $8,689,000, respectively,
    plus the cumulative liquidating distributions to our unit
    holders through December 31, 2007, 2006 and 2005 of
    approximately $18,900,000, $18,500,000 and $16,000,000,
    respectively, would result in liquidating distributions per unit
    of approximately $4,364.53 for Class A, $4,152.07 for
    Class B and $3,977.73 for Class C; $4,452.09 for
    Class A, $4,234.48 for Class B and $4,055.00 for
    Class C; and $4,337.61 for Class A, $4,126.75 for
    Class B and $3,954.01 for Class C as of
    December 31, 2007, 2006 and 2005, respectively.(3)
    
    Net income (loss) and distributions per unit are based upon our
    weighted-average number of units outstanding. 26




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##### Table of Contents



Item 7.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  The use of the words we, us or
    our refers to NNN 2002 Value Fund, LLC, except where
    the context otherwise requires.
  Form 10-K.
  Forward-Looking
    Statements
    Overview
    and Background
    day-to-day
 27




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##### Table of Contents



Business
    Strategy and Plan of Liquidation
  Form 10-Q, Form 10-K, Form 8-K
     28




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Dispositions
    in 2007
    Dispositions
    in 2006
    Dispositions
    in 2005
    Bank
    of America Plaza West  Las Vegas,
    Nevada
    Netpark 
    Tampa, Florida
    Critical
    Accounting Policies
  Use of
    Estimates
   29




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Liquidation
    Basis of Accounting
      Reserve
    for Estimated Costs in Excess of Estimated Receipts During
    Liquidation
      December 31,


Cash Payments


Change in


December 31,2006


and (Receipts)


Estimates


2007Assets:Estimated net inflows from consolidated and unconsolidated
    operating activities

$
1,549,000


$
(410,000
)

$
89,000


$
1,228,000Liabilities:Liquidation costs


(1,614,000
)


159,000



(36,000
)


(1,491,000
)Total reserve for estimated costs in excess of estimated
    receipts during liquidation

$
(65,000
)

$
(251,000
)

$
53,000


$
(263,000
)  30




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##### Table of Contents



CashDecember 31,


Payments and


Change in


December 31,2005


(Receipts)


Estimates


2006Assets:Estimated net inflows from consolidated and unconsolidated
    operating activities

$
552,000


$
(654,000
)

$
1,651,000


$
1,549,000Liabilities:Liquidation costs


(1,423,000
)


45,000



(236,000
)


(1,614,000
)Total reserve for estimated costs in excess of estimated
    receipts during liquidation

$
(871,000
)

$
(609,000
)

$
1,415,000


$
(65,000
)   Net
    Assets in Liquidation
    Revenue
    Recognition
  Accounting for Leases,
  Impairment
    
    significant negative industry or economic trend;
    significant underperformance relative to historical or projected
    future operating results; and
    significant change in the manner in which the asset was used.     31




---



##### Table of Contents



Investment
    in Unconsolidated Real Estate
    Factors
    Which May Influence Future Changes in Net Assets in
    Liquidation
  Rental
    Income
    Scheduled
    Lease Expirations
    Sarbanes-Oxley
    Act
  and/or
  Changes
    In Net Assets In Liquidation
  For
    the Year Ended December 31, 2007
   32




---



##### Table of Contents



For
    the Year Ended December 31, 2006
    Period
    from August 31, 2005 through December 31,
    2005
    Results
    of Operations
    Results
    of operations for the period from January 1, 2005 through
    August 31, 2005
   Period fromJanuary 1, 2005throughAugust 31, 2005Expenses:General and administrative

$
15,000Loss before other income (expense) and discontinued operations


(15,000
)Other income (expense):Interest expense (including amortization of deferred financing
    costs)


(3,000
)Interest income


76,000Dividend income


Equity in earnings of unconsolidated real estate


373,000Income from continuing operations before discontinued operations


431,000Gain on sale of real estate investments


6,674,000Income from discontinued operations  property held
    for sale, net


1,049,000Net income

$
8,154,000          33




---



##### Table of Contents



Liquidity
    and Capital Resources
    Current
    Sources of Capital and Liquidity
      Other
    Liquidity Needs
         34




---



##### Table of Contents



Cash
    Flows
  For the
    period from January 1, 2005 through August 31,
    2005
          Capital
    Resources
  General
   35




---



##### Table of Contents



Financing
          Unconsolidated
    Debt
   36




---



##### Table of Contents



As of December 31, 2007


As of December 31, 2006Mortgage


NNN 2002 Value


Mortgage


NNN 2002 ValueOwnership


Debt


Fund, LLCs


Debt


Fund, LLCsProperty

Percentage


Balance


Portion of Debt


Balance


Portion of DebtCongress Center  LLC


12.3
%

$
96,101,000


$
11,801,000


$
97,308,000


$
11,949,000     Commitments
    and Contingencies
  Insurance
    Coverage
  Property
    Damage, Business Interruption, Earthquake and
    Terrorism
    Debt
    Service Requirements
    Contractual
    Obligations
    Off-Balance
    Sheet Arrangements
    SEC
    Investigation
  In the matter of Triple Net Properties, LLC.
  Accounting for Contingencies.
 37




---



##### Table of Contents



Inflation
    Subsequent
    Events
  Unconsolidated
    Debt Due to Related Parties
    Recently
    Issued Accounting Pronouncements
  Accounting for
    Uncertainty in Income Taxes
  Fair Value
    Measurement
  The
    Fair Value Option for Financial Assets and Financial
    Liabilities
  Item 7A.
    Quantitative
    and Qualitative Disclosures About Market Risk.   38




---



##### Table of Contents



Item 8.
    Financial
    Statements and Supplementary Data.    Item 9.
    Changes
    in and Disagreements with Accountants on Accounting and
    Financial Disclosure.    Item 9A(T).
    Controls
    and Procedures.  Evaluation of disclosure controls and
    procedures.
  Rules 13a-15(e) 15d-15(e)
  Managements Report on Internal Control over
    Financial Reporting. Rules 13a-15(f) 15d-15(f).
      Changes in internal control over financial
    reporting.
  Form 10-K Form 10-K.
  Item 9B.
    Other
    Information.   39




---



##### Table of Contents



PART III Item 10.
    Directors,
    Executive Officers and Corporate Governance.    Executive
    Officers of Our Manager
      
    gross negligence or fraud of our Manager;
    willful misconduct or willful breach of the Operating Agreement
    by our Manager; or
    bankruptcy, insolvency or inability of our Manager to meet its
    obligations as they come due.    Name

Age

Position

Term of OfficeScott D. Peters


50


Chief Executive Officer

Since 2006Francene LaPoint


42


Chief Financial Officer

Since 2006Andrea R. Biller


58


General Counsel and Executive Vice

Since 2003President

Since 2007Jeffrey T. Hanson


37


President and Chief Investment Officer

Since 2006Richard T. Hutton, Jr.


56


Executive Vice President

Since 2003Talle A. Voorhies


60


Executive Vice President and Secretary

Since 1998Courtney A. Brower


29


Financial Reporting Manager

Since 2004     Scott D. Peters
  Francene LaPoint
 40




---



##### Table of Contents



Andrea R. Biller,
  Jeffrey T. Hanson
  Richard T. Hutton, Jr.,
  Talle A. Voorhies
 41




---



##### Table of Contents



Courtney A. Brower
  Fiduciary
    Relationship of our Manager to Us
        Committees
    of Our Board of Directors
    Section 16(a)
    Beneficial Ownership Reporting Compliance
      Code of
    Ethics
   42




---



##### Table of Contents



Item 11.
    Executive
    Compensation.  Executive
    and Director Compensation
    Item 12.
    Security
    Ownership of Certain Beneficial Owners and Management and
    Related Unit Holder Matters.  PRINCIPAL
    UNIT HOLDERS
    
    each person who is known to us to hold more than 5.0% interest
    in us; and
    our Managers executive officers and financial reporting
    manager as a group.  Beneficially

Percentage ofOwned No.

OutstandingName

of Units

UnitsOur Manager(1)


None



0.0
%Our Managers executive officers and financial reporting
    manager as a group(2) (7 persons)


None



0.0
%     (1)
    
    The address for our Manager is 1551 N. Tustin Avenue,
    Suite 200, Santa Ana, California 92705.(2)
    
    We have no directors or executive officers.    Equity
    Compensation Plan Information
    Item 13.
    Certain
    Relationships and Related Transactions, and Director
    Independence.    The
    Operating Agreement
    Expenses,
    Costs, or Fees
    Operating
    Expenses
   43




---



##### Table of Contents



Distributions
    to Our Manager
    The
    Management Agreement
    Property
    Management Fees
    Lease
    Commissions
    Project
    Fees
    Real
    Estate Disposition Fees
    Loan
    Fees
    Selling
    Commissions
   44




---



##### Table of Contents



Managers
    Ownership Interest in the Company
    Costs
    Incurred in Connection with Public Company Filings and
    Rent
    Item 14.
    Principal
    Accounting Fees and Services.        Services

2007


2006Audit Fees(1)

$
123,000


$
180,000Audit-Related Fees(2)






Tax Fees(3)






All Other Fees






Total

$
123,000


$
180,000     (1)
    
    Audit fees billed in 2007 and 2006 consisted of audit of our
    annual financial statements, acquisition audits, reviews of our
    quarterly financial statements, and statutory and regulatory
    audits, consents and other services related to filings with the
    SEC.(2)
    
    Audit-related fees billed in 2007 and 2006 consisted of
    financial accounting and reporting consultations.(3)
    
    Tax services consist of tax compliance and tax planning and
    advice.   45




---



##### 



PART IV  Item 15.
    Exhibits,
    Financial Statement Schedules.  Financial Statements:
  INDEX TO
    CONSOLIDATED FINANCIAL STATEMENTS
   
 PagesReport of Independent Registered Public
    Accounting Firm


47Consolidated Statements of Net Assets as of
    December 31, 2007 and 2006 (Liquidation Basis)


48Consolidated Statements of Changes in Net Assets
    (Liquidation Basis) For the Year Ended December 31, 2007
    and 2006 and the Period From August 31, 2005 through
    December 31, 2005


49Consolidated Statement of Operations (Going
    Concern Basis) For the Period from January 1, 2005 through
    August 31, 2005


50Consolidated Statement of Unit Holders
    Equity (Going Concern Basis) For the Period from January 1,
    2005 through August 31, 2005


51Consolidated Statement of Cash Flows (Going
    Concern Basis) For the Period from January 1, 2005 through
    August 31, 2005


52Notes to Consolidated Financial Statements


53Schedules


67    Financial Statement Schedules:
    PageValuation and Qualifying Accounts (Schedule II)


67     Exhibits:
    Exhibits
    Financial Statement Schedules
 PageValuation and Qualifying Accounts (Schedule II)


67  46




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM             Deloitte &
    Touche
    47




---



##### Table of Contents



NNN 2002
    VALUE FUND, LLCCONSOLIDATED STATEMENTS OF NET ASSETS
    (Liquidation Basis)
    As of December 31, 2007 and 2006
  As of December 31,2007


2006ASSETSInvestment in unconsolidated real estate

$
5,931,000


$
6,476,000Cash and cash equivalents


260,000



408,000Total assets


6,191,000



6,884,000LIABILITIESReserve for estimated costs in excess of estimated receipts
    during liquidation


263,000



65,000Total liabilities


263,000



65,000Net assets in liquidation

$
5,928,000


$
6,819,000    48




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##### Table of Contents



NNN 2002
    VALUE FUND, LLCCONSOLIDATED STATEMENTS OF CHANGES IN NET
    ASSETS
    (Liquidation Basis)
    For the Year Ended December 31, 2007 and 2006, and
    the period from August 31, 2005 through December 31,
    2005
  Period fromAugust 31, 2005Year Ended


Year Ended


throughDecember 31,


December 31,


December 31,2007


2006


2005Net assets in liquidation, beginning of period

$
6,819,000


$
8,689,000


$
24,845,000Changes in net assets in liquidation:Changes to reserve for estimated costs in excess of estimated
    receipts during liquidation:Operating loss


144,000



45,000



216,000Distributions received from unconsolidated property


(395,000
)


(654,000
)


(218,000
)Change in estimated costs in excess of receipts during
    liquidation


53,000



1,415,000



(650,000
)Changes to reserve for estimated costs in excess of estimated
    receipts during liquidation


(198,000
)


806,000



(652,000
)Change in fair value of assets and liabilities:Change in fair value of real estate investments


(544,000
)


(785,000
)


494,000Change in assets and liabilities due to activity in the reserve
    for estimated costs in excess of estimated receipts during
    liquidation


251,000



609,000



2,000Net (decrease) increase in fair value


(293,000
)


(176,000
)


496,000Distributions to unit holders


(400,000
)


(2,500,000
)


(16,000,000
)Change in net assets in liquidation


(891,000
)


(1,870,000
)


(16,156,000
)Net assets in liquidation, end of period

$
5,928,000


$
6,819,000


$
8,689,000    49




---



##### Table of Contents



NNN 2002
    VALUE FUND, LLCCONSOLIDATED STATEMENT OF OPERATIONS
    (Going Concern Basis)
    For the Period from January 1, 2005 through August 31,
    2005
  Period fromJanuary 1, 2005throughAugust 31, 2005Expenses:General and administrative

$
15,000Loss before other income and discontinued operations


(15,000
)Other (expense) income:Interest expense


(3,000
)Interest income


76,000Other income


Equity in earnings of unconsolidated real estate


373,000Income from continuing operations


431,000Discontinued operations:Gain on sale on real estate


6,674,000Income from discontinued operations


1,049,000Net income

$
8,154,000Net income per unit:Continuing operations  basic and diluted

$
72.31Discontinued operations  basic and diluted


1,295.81Total net income per unit  basic and diluted

$
1,368.12Weighted-average number of units outstanding  basic
    and diluted


5,960    50




---



##### Table of Contents



NNN 2002
    VALUE FUND, LLCCONSOLIDATED STATEMENT OF UNIT HOLDERS
    EQUITY
    (Going Concern Basis)
    For the Period from January 1, 2005 through August 31,
    2005
  Number of Units


TotalBALANCE  December 31, 2004


5,960


$
19,331,000Distributions






(12,844,000
)Net income






8,154,000BALANCE  August 31, 2005


5,960


$
14,641,000    51




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##### Table of Contents



NNN 2002
    VALUE FUND, LLCCONSOLIDATED STATEMENT OF CASH FLOWS
    (Going Concern Basis)
    For the Period from January 1, 2005 through August 31,
    2005
  Period fromJanuary 1, 2005throughAugust 31, 2005CASH FLOWS FROM OPERATING ACTIVITIESNet income

$
8,154,000Adjustments to reconcile net income to net cash provided by
    operating activitiesGain on sale of real estate


(6,674,000
)Depreciation and amortization (including deferred financing
    costs,
    above/below market leases and deferred rent) 
    continuing and discontinued
    operations


456,000Swap collar interest


191,000Distributions received in excess of equity in earnings of
    unconsolidated
    property


63,000Minority interests


1,083,000Change in operating assets and liabilities:Accounts receivable, including receivables from related parties


(37,000
)Other assets


(377,000
)Accounts payable and accrued liabilities


519,000Security deposits and prepaid rent


Net cash provided by operating activities


3,378,000CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of real estate operating property


22,802,000Capital expenditures


(73,000
)Restricted cash


248,000Net cash provided by investing activities


22,977,000CASH FLOWS FROM FINANCING ACTIVITIESPrincipal repayments on mortgages payable and notes payable to
    related party


(9,606,000
)Borrowings on mortgages payable


980,000Borrowings from related party


Distributions


(13,056,000
)Distributions to minority interests


(652,000
)Contributions from minority interests


Net cash used in financing activities


(22,334,000
)NET INCREASE IN CASH AND CASH EQUIVALENTS


4,021,000CASH AND CASH EQUIVALENTS  beginning of period


1,067,000CASH AND CASH EQUIVALENTS  end of period

$
5,088,000SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:Cash paid for:Interest

$
1,503,000Income taxes

$
8,000    52




---



##### Table of Contents



NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    For the Years Ended December 31, 2007, 2006 and
    2005  1.
    Organization
    and Description of Business  The use of the words we, us or
    our refers to NNN 2002 Value Fund, LLC, except where
    the context otherwise requires.
    day-to-day
      Plan
    of Liquidation
   53




---



##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
    2.
    Summary
    of Significant Accounting Policies    Use of
    Estimates
    Principles
    of Consolidation
  Consolidation of Variable
    Interest Entities
  Liquidation
    Basis of Accounting
   54




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
      Cash
    and Cash Equivalents
    Concentration
    of Credit Risk
        Percentage of


Square


Lease2007 Annual


2007 Annual


Footage


ExpirationTenant

Base Rent*


Base Rent


(Approximately)


DateHomeland Security

$
3,408,000



25.6
%


76,000



April 2012North American Co. Life and Health Ins

$
2,371,000



17.8
%


101,000



Feb. 2012Akzo Nobel, Inc.

$
2,028,000



15.3
%


90,000



Dec. 2013US Treasury

$
1,614,000



12.1
%


37,000



Feb. 2013Employers Reinsurance Corporation(1)

$
1,513,000



11.4
%


67,000



Jan. 2008
(2)    *
    
    Annualized rental income is based on contractual base rent from
    leases in effect as of December 31, 2007.(1)
    
    Employers Reinsurance Corporation was previously referred
    to as GE Insurance Solutions in our periodic SEC filings.(2)
    
    On December 21, 2006, Realty received a termination notice
    from Employers Reinsurance Corporation notifying Realty of
    their intent to exercise their option to terminate their lease
    effective January 1, 2008 at the Congress Center property.
    Effective January 1, 2008, Employers Reinsurance
    Corporations lease was terminated. 55




---



##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
     Percentage of


Square


Lease2006 Annual


2006 Annual


Footage


ExpirationTenant

Base Rent*


Base Rent


(Approximately)


DateHomeland Security

$
3,344,000



25.6
%


76,000



April 2012North American Co. Life and Health Ins

$
2,320,000



17.8
%


101,000



Feb. 2012Akzo Nobel, Inc.

$
1,994,000



15.3
%


90,000



Dec. 2013US Treasury

$
1,582,000



12.1
%


37,000



Feb. 2013Employers Reinsurance Corporation(1)

$
1,488,000



11.4
%


67,000



Jan. 2008 (2)    *
    
    Annualized rental income is based on contractual base rent from
    leases in effect as of December 31, 2006.(1)
    
    Employers Reinsurance Corporation was previously referred
    to as GE Insurance Solutions in our periodic SEC filings.(2)
    
    On December 21, 2006, Realty received a termination notice
    from Employers Reinsurance Corporation notifying Realty of
    their intent to exercise their option to terminate their lease
    effective January 1, 2008 at the Congress Center property.
    Effective January 1, 2008, Employers Reinsurance
    Corporations lease was terminated.  Revenue
    Recognition
  Accounting for Leases
  Impairment
    
    significant negative industry or economic trend;
    significant underperformance relative to historical or projected
    future operating results; and
    significant change in the manner in which the asset was used.   56




---



##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
      Investment
    in Unconsolidated Real Estate
    Income
    Taxes
    Per
    Unit Data
  Earnings Per Share.
    Period fromJanuary 1, 2005throughAugust 31, 2005Income from continuing operations

$
431,000Income from discontinued operations


7,723,000Net income

$
8,154,000Net income per unit:Continuing operations  basic and diluted

$
72.31Discontinued operations  basic and diluted


1,295.81Total net income per unit  basic and diluted

$
1,368.12Weighted-average number of units outstanding  basic
    and diluted


5,960   Asset
    Retirement Obligations
  Accounting for
    Conditional Asset Retirement Obligations Accounting for Asset
    Retirement Obligations.
 57




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
  and/or
  Segments
    Recently
    Issued Accounting Pronouncements
  Accounting for
    Uncertainty in Income Taxes
  Fair Value
    Measurement
  The
    Fair Value Option for Financial Assets and Financial
    Liabilities
  3.
    Reserve
    for Estimated Costs in Excess of Estimated Receipts During
    Liquidation   58




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
      CashDecember 31,


Payments and


Change in


December 31,2006


(Receipts)


Estimates


2007Assets:Estimated net inflows from consolidated and unconsolidated
    operating activities

$
1,549,000


$
(410,000
)

$
89,000


$
1,228,000Liabilities:Liquidation costs


(1,614,000
)


159,000



(36,000
)


(1,491,000
)Total reserve for estimated costs in excess of estimated
    receipts during liquidation

$
(65,000
)

$
(251,000
)

$
53,000


$
(263,000
)     CashDecember 31,


Payments and


Change in


December 31,2005


(Receipts)


Estimates


2006Assets:Estimated net inflows from consolidated and unconsolidated
    operating activities

$
552,000


$
(654,000
)

$
1,651,000


$
1,549,000Liabilities:Liquidation costs


(1,423,000
)


45,000



(236,000
)


(1,614,000
)Total reserve for estimated costs in excess of estimated
    receipts during liquidation

$
(871,000
)

$
(609,000
)

$
1,415,000


$
(65,000
)   4.
    Net
    Assets in Liquidation     59




---



##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
      5.
    Real
    Estate Investments    Investment
    in Unconsolidated Real Estate
      Period fromJanuary 1, 2005throughAugust 31, 2005Revenues

$
12,379,000Rental and other expenses


9,337,000Net income

$
3,042,000Our equity in earnings

$
373,000   Dispositions
    in 2007
    Dispositions
    in 2006
    Dispositions
    in 2005
    Bank of
    America Plaza West  Las Vegas, Nevada
   60




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
  Netpark 
    Tampa, Florida
    6.
    Unit
    Holders Equity        per-unit
    7.
    Related
    Party Transactions  The
    Operating Agreement
   61




---



##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
  Expenses,
    Costs, or Fees
    Operating
    Expenses
    Distributions
    to Our Manager
    The
    Management Agreement
    Property
    Management Fees
    Lease
    Commissions
    Project
    Fees
   62




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
    Real
    Estate Disposition Fees
    Loan
    Fees
    Selling
    Commissions
    8.
    Commitments
    and Contingencies  SEC
    Investigation
  In the matter of Triple Net Properties, LLC.
  Accounting for Contingencies.
 63




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
  Litigation
    Environmental
    Matters
    Unconsolidated
    Debt
      As of December 31, 2007


As of December 31, 2006Mortgage


NNN 2002 Value


Mortgage


NNN 2002 ValueOwnership


Debt


Fund, LLCs


Debt


Fund, LLCsProperty

Percentage


Balance


Portion of Debt


Balance


Portion of DebtCongress Center  LLC


12.3
%

$
96,101,000


$
11,801,000


$
97,308,000


$
11,949,000      64




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
    Other
    9.
    Discontinued
    Operations  Property Held for Sale  Accounting for the Impairment or
    Disposal of Long Lived Assets
  Period fromJanuary 1, 2005throughAugust 31, 2005Rental income

$
7,231,000Rental expenses


(3,152,000
)Depreciation and amortization


(495,000
)Income before interest, other income and expense and minority
    interest


3,584,000Other income (expense):Interest expense (including amortization of deferred financing
    costs)


(1,517,000
)Other income


65,000Minority interests


(1,083,000
)Income from discontinued operations


1,049,000Gain on sale of real estate


6,674,000$
7,723,000   10.
    Selected
    Quarterly Financial Data (Unaudited)      65




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
 For the
    Years Ended December 31, 2007, 2006 and
    2005-(Continued)
  Liquidation BasisQuarters EndedDecember 31,


September 30,


June 30,


March 31,2007


2007


2007


2007Net assets in liquidation, beginning of period

$
6,703,000


$
6,877,000


$
6,803,000


$
6,819,000Change to asset (reserve) for estimated receipts (costs) in
    excess of estimated receipts (costs) during liquidation


172,000



(303,000
)


2,000



(69,000
)Net (decrease) increase in fair value


(547,000
)


129,000



72,000



53,000Liquidating distributions to unit holders


(400,000
)










Change in net assets in liquidation


(775,000
)


(174,000
)


74,000



(16,000
)Net assets in liquidation, end of period

$
5,928,000


$
6,703,000


$
6,877,000


$
6,803,000   Liquidation BasisQuarters EndedDecember 31,


September 30,


June 30,


March 31,2006


2006


2006


2006Net assets in liquidation, beginning of period

$
7,921,000


$
7,709,000


$
7,257,000


$
8,689,000Change to asset (reserve) for estimated receipts (costs) in
    excess of estimated receipts (costs) during liquidation


524,000



48,000



324,000



(90,000
)Net (decrease) increase in fair value


(626,000
)


164,000



128,000



158,000Liquidating distributions to unit holders


(1,000,000
)










(1,500,000
)Change in net assets in liquidation


(1,102,000
)


212,000



452,000



(1,432,000
)Net assets in liquidation, end of period

$
6,819,000


$
7,921,000


$
7,709,000


$
7,257,000   11.
    Subsequent
    Event   66




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##### Table of Contents



NNN 2002
    VALUE FUND, LLC
  SCHEDULE II  VALUATION AND
    QUALIFYING ACCOUNTS
  AdditionsBalance at


Charged to


Charged to





Balance atBeginning of


Costs and


Other





End ofDescription

Period


Expenses


Accounts


Deductions


PeriodPeriod from January 1, 2005 through August 31,
    2005  Reserve deducted from accounts receivable

$
130,000


$



$



$
130,000


$
  67




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##### Table of Contents



SIGNATURES   Value
    Fund
  (Registrant)
    March 11, 2008Date

/s/  Scott
    D. PetersScott
    D. PetersChief Executive OfficerGrubb & Ellis Realty Investors, LLC
    the Manager of NNN 2002 Value Fund, LLC(principal executive officer)March 11, 2008Date

/s/  Courtney
    A. BrowerCourtney
    A. BrowerFinancial Reporting ManagerGrubb & Ellis Realty Investors, LLC
    the Manager of NNN 2002 Value Fund, LLC(principal accounting officer)  68




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##### Table of Contents



EXHIBIT INDEX
  Regulation S-K,
  Form 10-K Regulation S-K).
  Item No.

Description2
.1

NNN 2002 Value Fund, LLC Plan of Liquidation and Dissolution, as
    approved by unit holders on September 7, 2005 and as
    currently in effect (included as Exhibit A to our
    Definitive Proxy Statement filed on August 4, 2005 and
    incorporated herein by reference)3
.1

Articles of Organization of NNN 2002 Value Fund, LLC, dated
    May 1, 2002. (included as Exhibit 3.1 to our Amendment
    No. 1 to Form 10 Registration Statement filed on
    February 28, 2005 and incorporated herein by reference.)10
.1

Operating Agreement of NNN 2002 Value Fund, LLC, (included as
    Exhibit 10.1 to our Amendment No. 1 to Form 10
    Registration Statement filed on February 28, 2005 and
    incorporated herein by reference.)10
.2

Management Agreement between NNN 2002 Value Fund, LLC and Triple
    Net Properties Realty, Inc. (included as Exhibit 10.2 to
    our Amendment No. 1 to Form 10 Registration Statement
    filed on February 28, 2005 and incorporated herein by
    reference.)21
.1*

Subsidiaries of NNN 2002 Value Fund, LLC31
.1*

Certification of Principal Executive Officer, pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.31
.2*

Certification of Principal Accounting Officer, pursuant to
    Section 302 of the Sarbanes-Oxley Act of 2002.32
.1*

Certification of Principal Executive Officer, pursuant to
    18 U.S.C. Section 1350, as created by Section 906
    of the Sarbanes-Oxley Act of 2002.32
.2*

Certification of Principal Accounting Officer, pursuant to
    18 U.S.C. Section 1350, as created by Section 906
    of the Sarbanes-Oxley Act of 2002.     *
    
    Filed herewith. 69