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UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C.
    20549
      FORM 10-Q
   þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2008oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period from
    
    toCommission File Number: 0-51098    NNN 2002 Value Fund,
    LLC
 (Exact name of registrant as
    specified in its charter)
   Virginia(State or other jurisdiction
    of
    incorporation or organization)

75-3060438(I.R.S. Employer
    Identification No.)1551 N. Tustin Avenue,
    Suite 200 Santa Ana, California(Address of principal executive
    offices)

92705(Zip Code)    (877) 888-7348
 Registrants telephone number,
    including area code:
  N/A
 (Former name, former address and
    former fiscal year, if changed since last report)
     þ o
  12b-2
  Large accelerated
    filer o

Accelerated
    filer oNon-accelerated
    filer þ (Do
    not check if a smaller reporting company)

Smaller reporting
    company o
   Rule 12b-2
  o þ




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##### 





NNN 2002
    VALUE FUND, LLC
    (A Virginia Company)
  TABLE OF
    CONTENTS
   
 PagePART I  FINANCIAL
    INFORMATIONItem 1.


Financial StatementsCondensed Consolidated Statements of Net Assets
    (Liquidation Basis) as of March 31, 2008 (Unaudited) and
    December 31, 2007 (Unaudited)


2Condensed Consolidated Statements of Changes in
    Net Assets (Liquidation Basis) for the Three Months Ended
    March 31, 2008 (Unaudited) and 2007 (Unaudited)


3Notes to Condensed Consolidated Financial
    Statements (Unaudited)


4Item 2.


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


14Item 3.


Quantitative and Qualitative Disclosures About
    Market Risk


22Item 4.


Controls and Procedures


22Item 4T.


Controls and Procedures


22PART II  OTHER
    INFORMATIONItem 1.


Legal Proceedings


23Item 1A.


Risk Factors


23Item 2.


Unregistered Sales of Equity Securities and Use
    of Proceeds


23Item 3.


Defaults Upon Senior Securities


23Item 4.


Submission of Matters to a Vote of Security
    Holders


23Item 5.


Other Information


23Item 6.


Exhibits


23SIGNATURES


24EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1EXHIBIT 32.2   1




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PART I 
    FINANCIAL INFORMATION  Item 1.
    Financial
    Statements. NNN 2002
    VALUE FUND, LLC
    CONDENSED CONSOLIDATED STATEMENTS OF NET ASSETS
    (Liquidation Basis)
    As of March 31, 2008 (Unaudited) and December 31, 2007
    (Unaudited)  March 31,


December 31,2008


2007ASSETSInvestment in unconsolidated real estate

$
5,970,000


$
5,931,000Cash and cash equivalents


345,000



260,000Total assets


6,315,000



6,191,000LIABILITIESReserve for estimated costs in excess of estimated receipts
    during liquidation


345,000



263,000Total liabilities


345,000



263,000Commitments and contingencies (Note 8)Net assets in liquidation

$
5,970,000


$
5,928,000    2




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NNN 2002
    VALUE FUND, LLC
    CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
    (Liquidation Basis)
    For the Three Months Ended March 31, 2008 (Unaudited) and
    2007 (Unaudited)  Three Months EndedMarch 31,2008


2007Net assets in liquidation, beginning of period

$
5,928,000


$
6,819,000Changes in net assets in liquidation:Changes to reserve for estimated costs in excess of estimated
    receipts during liquidation:Operating loss


1,000



122,000Distributions received from unconsolidated property


(86,000
)


(137,000
)Change in estimated costs in excess of estimated receipts during
    liquidation


3,000



(54,000
)Changes to reserve for estimated costs in excess of estimated
    receipts during liquidation


(82,000
)


(69,000
)Change in fair value of assets and liabilities:Change in fair value of real estate investments


39,000



38,000Change in assets and liabilities due to activity in reserve for
    estimated costs in excess of estimated receipts during
    liquidation


85,000



15,000Net increase in fair value


124,000



53,000Change in net assets in liquidation


42,000



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

$
5,970,000


$
6,803,000    3




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NNN 2002
    VALUE FUND, LLC



NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)  The use of the words we, us or
    our refers to NNN 2002 Value Fund, LLC, except where
    the context otherwise requires.
  1.
    Organization
    and Description of Business          Plan
    of Liquidation
   4




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
      2.
    Summary
    of Significant Accounting Policies    Interim
    Financial Data
  Form 10-K,
  Principles
    of Consolidation
  Consolidation of
    Variable Interest Entities
  Liquidation
    Basis of Accounting
   5




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
      Segments
    Recently
    Issued Accounting Pronouncements
  Fair Value
    Measurement
  The
    Fair Value Option for Financial Assets and Financial
    Liabilities
  Disclosures about Derivative Instruments and Hedging
    Activities
 6




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
  3.
    Reserve
    for Estimated Costs in Excess of Estimated Receipts During
    Liquidation      December 31,


Cash Payments


Change in


March 31,2007


and (Receipts)


Estimates


2008Assets:Estimated net inflows from unconsolidated operating activities

$
1,228,000


$
(87,000
)

$
41,000


$
1,182,000Liabilities:Liquidation costs


(1,491,000
)


2,000



(38,000
)


(1,527,000
)Total reserve for estimated costs in excess of receipts during
    liquidation

$
(263,000
)

$
(85,000
)

$
3,000


$
(345,000
)     December 31,


Cash Payments


Change in


March 31,2006


and (Receipts)


Estimates


2007Assets:Estimated net inflows from unconsolidated operating activities

$
1,549,000


$
(137,000
)

$
54,000


$
1,466,000Liabilities:Liquidation costs


(1,614,000
)


122,000



(108,000
)


(1,600,000
)Total reserve for estimated costs in excess of receipts during
    liquidation

$
(65,000
)

$
(15,000
)

$
(54,000
)

$
(134,000
)   4.
    Net
    Assets in Liquidation     7




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
      5.
    Real
    Estate Investments    6.
    Unit
    Holders Equity        per-unit
   8




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
  7.
    Related
    Party Transactions  The
    Operating Agreement
    Expenses,
    Costs, or Fees
    Operating
    Expenses
    Distributions
    to Our Manager
    The
    Management Agreement
    Property
    Management Fees
   9




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
  Lease
    Commissions
    Project
    Fees
    Real
    Estate Disposition Fees
    Loan
    Fees
    8.
    Commitments
    and Contingencies  SEC
    Investigation
  In the matter of Triple Net Properties, LLC.
  Accounting for Contingencies.
 10




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
  Litigation
    Environmental
    Matters
    Unconsolidated
    Debt
      As of March 31, 2008

As of December 31, 2007NNN 2002 Value



NNN 2002 ValueOwnership

Mortgage Debt

Fund, LLCs

Mortgage Debt

Fund, LLCsProperty

Percentage

Balance

Portion of Debt

Balance

Portion of DebtCongress Center  LLC


12.3%


$
95,785,000


$
11,762,000


$
96,101,000


$
11,801,000    11




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
    Unconsolidated
    Debt Due to Related Party
    Other
    9.
    Concentration
    of Credit Risk     12




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NNN 2002
    VALUE FUND, LLC
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
    Percentage of





Square


Lease2008 Annual


2008 Annual





Footage


ExpirationTenant

Base Rent(1)


Base Rent


Property


(Approximately)


DateHomeland Security

$
3,408,000



28.4
%


Congress Center



76,000



April 2012North American Co. Life and Health Insurance

$
2,421,000



20.2
%


Congress Center



101,000



Feb. 2012Akzo Nobel, Inc.

$
2,073,000



17.3
%


Congress Center



91,000



Dec. 2013Alcohol, Tobacco and Firearms

$
1,645,000



13.7
%


Congress Center



37,000



Feb. 2013     (1)
    
    Annualized rental income is based on contractual base rent set
    forth in leases in effect as of March 31, 2008.    Percentage of





Square


Lease2007 Annual


2007 Annual





Footage


ExpirationTenant

Base Rent(1)


Base Rent


Property


(Approximately)


DateHomeland Security

$
3,344,000



25.2
%


Congress Center



76,000



April 2012North American Co. Life and Health Insurance

$
2,371,000



17.9
%


Congress Center



101,000



Feb. 2012Akzo Nobel, Inc.

$
2,040,000



15.4
%


Congress Center



90,000



Dec. 2013Alcohol, Tobacco and Firearms

$
1,614,000



12.2
%


Congress Center



37,000



Feb. 2013Employers Reinsurance Corporation(2)

$
1,513,000



11.4
%


Congress Center



67,000



Jan. 2008
(2)     (1)
    
    Annualized rental income is based on contractual base rent set
    forth in leases in effect as of March 31, 2007.(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. 13




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Item 2.
    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-Q.
  Forward-Looking
    Statements
    Overview
    and Background
     14




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Business
    Strategy and Plan of Liquidation
  Form 10-Q, Form 10-K, Form 8-K
       15




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Critical
    Accounting Policies
  Form 10-K,
  Interim
    Financial Data
  Form 10-K,
  Factors
    Which May Influence Future Changes in Net Assets in
    Liquidation
  Rental
    Income
    Scheduled
    Lease Expirations
   16




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Sarbanes-Oxley
    Act
  and/or
  Changes
    in Net Assets in Liquidation
  Three
    Months Ended March 31, 2008 and 2007
        Liquidity
    and Capital Resources
   17




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Current
    Sources of Capital and Liquidity
      Other
    Liquidity Needs
             18




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Capital
    Resources
  General
        Financing
       19




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Unconsolidated
    Debt
      As of March 31, 2008

As of December 31, 2007NNN 2002 Value



NNN 2002 ValueOwnership

Mortgage Debt

Fund, LLCs

Mortgage Debt

Fund, LLCsProperty

Percentage

Balance

Portion of Debt

Balance

Portion of DebtCongress Center  LLC


12.3%


$
95,785,000


$
11,762,000


$
96,101,000


$
11,801,000     Unconsolidated
    Debt Due to Related Party
    Commitments
    and Contingencies
  Insurance
    Coverage
  Property
    Damage, Business Interruption, Earthquake and
    Terrorism
    Debt
    Service Requirements
    Contractual
    Obligations
   20




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Off-Balance
    Sheet Arrangements
    SEC
    Investigation
  In the matter of Triple Net Properties, LLC.
  Accounting for Contingencies.
  Inflation
    Recently
    Issued Accounting Pronouncements
  Fair Value
    Measurement
  The
    Fair Value Option for Financial Assets and Financial
    Liabilities
 21




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Disclosures about Derivative Instruments and Hedging
    Activities
  Item 3.
    Quantitative
    and Qualitative Disclosures About Market Risk.    Item 4.
    Controls
    and Procedures.    Item 4T.
    Controls
    and Procedures.  Evaluation of disclosure controls and
    procedures.
  Rules 13a-15(e) 15d-15(e)
  Changes in internal control over financial
    reporting.
 22




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PART II 
    OTHER INFORMATION  The use of the words we, us or
    our refers to NNN 2002 Value Fund, LLC, except where
    the context otherwise requires.
  Item 1.
    Legal
    Proceedings.  SEC
    Investigation
  In the matter of Triple Net Properties, LLC.
  Accounting for Contingencies.
  Litigation
    Item 1A.
    Risk
    Factors.  Form 10-K,
  Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds.    Item 3.
    Defaults
    Upon Senior Securities.    Item 4.
    Submission
    of Matters to a Vote of Security Holders.    Item 5.
    Other
    Information.    Item 6.
    Exhibits.   23




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SIGNATURES    NNN 2002 Value
    Fund, LLC (Registrant)By: Grubb & Ellis Realty Investors, LLC, its ManagerMay 6, 2008Date

/s/  Scott
    D. PetersScott
    D. PetersChief Executive OfficerGrubb & Ellis Realty Investors, LLC
    the Manager of NNN 2002 Value Fund, LLC(principal executive officer)May 6, 2008Date

/s/  Courtney
    A. BrowerCourtney
    A. BrowerFinancial Reporting ManagerGrubb & Ellis Realty Investors, LLC
    the Manager of NNN 2002 Value Fund, LLC(principal accounting officer)  24




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EXHIBIT INDEX
  Regulation S-K,
  Form 10-Q Regulation S-K).
  2
.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).31
.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. 25