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NNN WESTERN PLACE, LLC, a Delaware limited liability company,
NNN WESTERN PLACE 1, LLC, a Delaware limited liability company,
NNN WESTERN PLACE 2, LLC, a Delaware limited liability company,
NNN WESTERN PLACE 3, LLC, a Delaware limited liability company,
NNN WESTERN PLACE 4, LLC, a Delaware limited liability company,
NNN WESTERN PLACE 5, LLC, a Delaware limited liability company,
NNN WESTERN PLACE 6, LLC, a Delaware limited liability company,
NNN WESTERN PLACE 7, LLC, a Delaware limited liability company, and
GREIT  WESTERN PLACE, LP, a Texas limited partnership
  WACHOVIA BANK, NATIONAL ASSOCIATION,
a national banking association




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LOAN AGREEMENT
 WACHOVIA BANK, NATIONAL
ASSOCIATION Lender NNN WESTERN PLACE, LLC Western Place NNN WESTERN PLACE 1, LLC Western Place
1 NNN WESTERN PLACE 2, LLC Western Place 2 NNN
WESTERN PLACE 3, LLC Western Place 3 NNN WESTERN PLACE
4, LLC Western Place 4 NNN WESTERN PLACE 5, LLC Western Place 5 NNN WESTERN PLACE 6, LLC Western Place 6 NNN WESTERN PLACE 7, LLC Western Place 7 GREIT  WESTERN PLACE, LP GREIT-Western Place Borrower
 RECITALS
 Exhibit A Property
    DEFINITIONS
 Definitions
 Affiliate
 -1-




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Agreement
 Appraisal
 Borrower
 Budget Exhibit B
 Business Day
 Calendar Month
 CC&Rs
 Change in Law
 Closing Date
 -2-




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Collateral
 County
 Day Days
 Debt Service Coverage Ratio
 Default Rate
 Environmental Indemnity
 Event of Default
 ERISA
 Federal Funds Rate provided however
 Financing Statement
 -3-




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Governmental Authority
 Guarantor
 Guaranty
 Improvements
 Indebtedness
 Indemnified Taxes
 Indemnitee
 Interest Rate
 Leases
 Lender
 Lending Office
 -4-




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LLC Borrowers
 Loan
 Loan Amount
 Loan Documents
 London Banking Day
 LP Borrower
 Maturity Date
 Mortgage
 Net Operating Income less
 Non-Related Party
 Note
 -5-




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Obligations
 Operating Expenses
 Permitted Exceptions
 Person
 Project
 Property Exhibit A
 Rental Income
 Subordination of Property Management Agreement
 Swap Contract
 -6-




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TI/LC/CapEx Holdback
 TIC Agreement
 Title Company
 Title Insurance Policy
 Triple Net Guarantor
 Triple Net Guaranty
 Trust Guarantor
 Trust Guaranty
 Unmatured Event of Default
 Accounting Terms GAAP
 THE LOAN
 Agreement to Lend and Borrow
 -7-




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Evidence of Indebtedness
 Interest Rate
 Payment
 Rate after Default
 Computation of Interest
 No Deductions
 Order of Application
 Maturity of the Loan
 Prepayment
 -8-




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Security
    Fees
 Loan Fee
 Extension Fees
 Exit Fee
 Increased Costs
   -9-




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CONDITIONS PRECEDENT
 Closing Exhibit C
          LOAN DISBURSEMENTS
 Recordation Disbursements
 -10-




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minus
 Subsequent Disbursements
 Limitations and Conditions on Disbursements
         -11-




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-12-




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Debt Service Coverage Ratio
 -13-




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TITLE INSURANCE
 Basic Insurance
 Intentionally Omitted
 OPERATION AND MAINTENANCE OF THE PROJECT
 Operation as First Class Commercial Office Buildings
 Maintenance
 LIABILITY, RISK, AND FLOOD INSURANCE
  Property
 Liability
 -14-




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Additional Insurance
 Other Requirements
 Evidence
 RIGHTS OF INSPECTION; AGENCY
  REPRESENTATIONS AND WARRANTIES
 Consideration
 Organization, Powers and Good Standing
 Organization and Powers-Borrower
 -15-




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Organization and Powers-Guarantor
   Good Standing
 Non-foreign Status
 -16-




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Authorization of Loan Documents
 Authorization
 No Conflict
 Binding Obligations
 Compliance with Laws
 No Material Defaults
 Litigation; Adverse Facts Legal
Action
 -17-




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Title to Properties; Liens
 Disclosure
 Payment of Taxes
 Securities Activities
 Government Regulations
 Rights to Project Agreements, Permits and Licenses
 -18-




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Access
 Use of Project
 Financial Condition
 Personal Property
 No Condemnation
 Other Loan Documents
 Guarantor
 No Lease Defaults
 -19-




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Defects
 ERISA
 COVENANTS OF BORROWER
 Consideration
 Existence
 Books and Records; Access by Lender
 No Encumbrances
 Compliance with Laws
 -20-




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Personal Property
 Assessments Impositions
 Information and Statements
   -21-




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Representations and Warranties
 Trade Names
 Further Assurances
 Notice of Litigation
  -22-




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Good Standing
 Hazardous Materials
 Intentionally Omitted
 Government Regulation
 Negative Covenants
 -23-




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Indebtedness
    Liens and Encumbrances
 Fundamental Changes
 Distributions
 Affiliates
 Amendments to Organizational Documents
 No Other Business
 No Commingling
 -24-




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Changes
 Change in Ownership
 Leases Material Lease
 TIC Agreement
 Partition
 Bankruptcy by a Borrower
 -25-




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Post-Closing Deliveries
 EVENTS OF DEFAULT AND REMEDIES
 Events of Default
        -26-




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-27-




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-28-




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Remedies
         -29-




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MISCELLANEOUS
 Assignment
 Notices
 If to Lender:
    
    Wachovia Bank, National AssociationReal Estate Financial ServicesGeneral Banking GroupMail Code: CA 623315750 Alton ParkwayIrvine, California 92618Attn: Anne McNeil
 -30-




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If to Borrower:
    
    NNN Western Place, LLCNNN Western Place 1, LLCNNN Western Place 2, LLCNNN Western Place 3, LLCNNN Western Place 4, LLCNNN Western Place 5, LLC
NNN Western Place 6, LLCNNN Western Place 7, LLCGREIT  Western Place, LPc/o Grubb & Ellis Realty Investors, LLC1551 N. Tustin Avenue, Suite 300Santa Ana, California 92705Attn: Scott PetersWith a copy to:
    
    Gregory Kaplan, PLC7 East Second StreetRichmond, VirginiaAttn: Joseph J. McQuade, Esq.Telephone: (804) 525-1785Facsimile: (804) 525-1885
 Authority to File Notices
 Inconsistencies with the Loan Documents
 No Waiver
 Lender Approval of Instruments and Parties
 Lender Determination of Facts
 -31-




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Incorporation of Preamble, Recitals and Exhibits
 Third-Party Consultants
 Payment of Expenses
 Disclaimer by Lender
 Indemnification TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER AGREES TO
PROTECT, INDEMNIFY, DEFEND AND HOLD HARMLESS LENDER, ITS DIRECTORS, OFFICERS, AGENTS AND EMPLOYEES
FROM AND AGAINST ANY AND ALL LIABILITY, EXPENSE OR DAMAGE OF ANY
 -32-




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KIND OR NATURE AND FROM ANY SUITS, CLAIMS OR DEMANDS, INCLUDING REASONABLE LEGAL FEES AND
EXPENSES ON ACCOUNT OF ANY MATTER OR THING OR ACTION OR FAILURE TO ACT BY LENDER, WHETHER IN SUIT
OR NOT, ARISING OUT OF THIS AGREEMENT OR IN CONNECTION HEREWITH, OTHER THAN SUCH CLAIMS AND
LIABILITIES AS ARISE SOLELY FROM THE GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT OF LENDER.
 Titles and Headings
 Brokers
 Change, Discharge, Termination, or Waiver
 CHOICE OF LAW
 Disbursements in Excess of Loan Amount
 Participations
 Submission to Jurisdiction; Waiver of Venue; Service of Process
  -33-




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PARAGRAPH (a)
 SECTION 12.2
 Counterparts
 Time is of the Essence
 Attorneys Fees
 -34-




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Signs
 Waiver Of Jury Trial
 WAIVER OF SPECIAL DAMAGES
 USA Patriot Act Notification
  -35-




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Swap Contracts Indemnified Amounts
 Interest Rate Limitation
 -36-




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Maximum Amount applicable Law
 Joint Borrower Provisions
 including
 TO INDUCE THE LENDER TO MAKE THE LOAN, AND IN CONSIDERATION THEREOF, EACH BORROWER
HEREBY AGREES TO INDEMNIFY THE LENDER AGAINST, AND HOLD THE LENDER HARMLESS FROM, ANY AND
ALL LIABILITIES, EXPENSES, LOSSES, DAMAGES AND/OR CLAIMS OF DAMAGE OR INJURY ASSERTED
AGAINST THE LENDER BY ANY BORROWER OR BY ANY OTHER PERSON ARISING FROM OR INCURRED BY REASON
OF (i) RELIANCE BY THE LENDER ON ANY REQUESTS OR INSTRUCTIONS FROM ANY BORROWER, OR (ii) ANY
OTHER ACTION TAKEN BY THE LENDER IN GOOD FAITH WITH RESPECT TO THIS AGREEMENT OR THE OTHER
LOAN DOCUMENTS.
  -37-




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-38-




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-39-




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-40-




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including
  -41-




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EXHIBITS
     [Signatures Appear on Following Page.]
 -42-




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##### 



LenderWACHOVIA BANK, NATIONAL
ASSOCIATION, a national banking associationBy:
    /s/ Anne M. McNeilName:
    Anne M. McNeilTitle:
    Vice PresidentBorrowerNNN WESTERN PLACE, LLC, a Delaware 
limited liability companyBy:
    NNN Western Place Manager, LLC, aDelaware limited liability company, itsManagerBy:
    Grubb & Ellis Realty Investors,LLC, a Virginia limited liabilitycompany, its ManagerBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer




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NNN WESTERN PLACE 1, LLC, a Delaware
limited liability companyBy:
    Grubb & Ellis Realty Investors, LLC, aVirginia limited liability company, its VicePresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerEmployer Identification No. 63-1224037 NNN WESTERN PLACE 2, LLC, a Delaware
limited liability companyBy:
    Grubb & Ellis Realty Investors, LLC, aVirginia limited liability company, its VicePresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerEmployer Identification No. 91-1743004 NNN WESTERN PLACE 3, LLC, a Delaware
limited liability companyBy:
    Grubb & Ellis Realty Investors, LLC, aVirginia limited liability company, its VicePresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerEmployer Identification No. 36-6912283




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NNN WESTERN PLACE 4, LLC, a Delaware
limited liability companyBy:
    Grubb & Ellis Realty Investors, LLC, aVirginia limited liability company, its VicePresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerEmployer Identification No. ###-##-#### NNN WESTERN PLACE 5, LLC, a Delaware
limited liability companyBy:
    Grubb & Ellis Realty Investors, LLC, aVirginia limited liability company, its VicePresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerEmployer Identification No.
55036-7827 NNN WESTERN PLACE 6, LLC, a Delaware
limited liability companyBy:
    Grubb & Ellis Realty Investors, LLC, aVirginia limited liability company, its VicePresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerEmployer Identification No. ###-##-####




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NNN WESTERN PLACE 7, LLC, a Delaware
limited liability companyBy:
    Grubb & Ellis Realty Investors, LLC, aVirginia limited liability company, its VicePresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerEmployer Identification No. 36-6912283 GREIT  WESTERN PLACE, LP, a Texas
limited partnershipBy:
    GREIT  Western Place GP, LLC, aDelaware limited liability company, itsGeneral PartnerBy:
    G REIT Liquidating Trust datedJanuary 22, 2008, a Maryland Trust,its Sole Member and ManagerBy:
    Gary H. Hunt, W. BrandInlow, Edward A. Johnson,D. Fleet Wallace, and Gary
T. Wescombe, as Trustees of
the G REIT Liquidating Trust
dated January 22, 2008By:
    /s/ Andrea R. BillerName:
    Andrea R. BillerTitle:
    Authorized RepresentativeEmployer Identification No. 20-1334643