##### 



PROMISSORY NOTE
 $28,000,000.00
    
    February 15, 2008
 
 
 NNN WESTERN PLACE, LLC NNN WESTERN PLACE 1, LLC NNN WESTERN PLACE 2, LLC NNN
WESTERN PLACE 3, LLC NNN WESTERN PLACE 4, LLC NNN WESTERN PLACE 5, LLC NNN
WESTERN PLACE 6, LLC NNN WESTERN PLACE 7, LLC GREIT  WESTERN PLACE, LP Borrower WACHOVIA
BANK, NATIONAL ASSOCIATION Lender Note
 LOAN AGREEMENT Loan Agreement
 USE OF PROCEEDS
 SECURITY
 -1-




---



##### 



MATURITY OF THE LOAN Maturity Date
 INTEREST RATE Interest Period Interest Rate Options Interest Rate Notice and Manner of Borrowing and Rate Conversion Rate after Default greater Default Rate Computation of Interest Actual/360
Computation No Deductions
 -2-




---



##### 



LIBOR Rate plus plus Prime Rate London Banking Day
 PREPAYMENT
 APPLICATION OF PAYMENTS
  DEFINITIONS Loan Documents Loan Documents Obligations Obligations Certain Other Terms
 -3-




---



##### 



LATE CHARGE
  ATTORNEYS FEES AND OTHER COLLECTION COSTS
 EVENT OF DEFAULT Event of Default
 REMEDIES UPON DEFAULT
 FINANCIAL AND OTHER INFORMATION
 WAIVERS AND AMENDMENTS
  -4-




---



##### 



MISCELLANEOUS PROVISIONS Assignment Applicable Law; Conflict Between
Documents Jurisdiction Severability Notices Plural; Captions Advances Posting of Payments Fees and Taxes
 WAIVER OF JURY TRIAL
 -5-




---



##### 



INTEREST RATE LIMITATION Maximum Amount applicable Law
 JOINT BORROWER PROVISIONS
 -6-




---



##### 



IN WITNESS WHEREOF,
 PLACE OF EXECUTION AND DELIVERY
 BORROWER:NNN WESTERN PLACE, LLC, a Delaware limited
liability company
By:  NNN Western Place Manager, LLC, a
        Delaware limited liability company, its 
        ManagerBy:  Grubb & Ellis Realty Investors, LLC, a
        Virginia limited liability company, its ManagerBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficeNNN WESTERN PLACE 1, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 2, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer S-1




---



##### 



NNN WESTERN PLACE 3, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 4, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 5, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerNNN WESTERN PLACE 6, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment Officer S-2




---



##### 



NNN WESTERN PLACE 7, LLC, a Delaware limited
liability company
By:  Grubb & Ellis Realty Investors, LLC, a Virginia
        limited liability company, its Vice PresidentBy:
    /s/ Jeffrey T. HansonName:
    Jeffrey T. HansonTitle:
    Chief Investment OfficerGREIT  WESTERN PLACE, LP, a Texas limited
partnership
By:  GREIT  Western Place GP, LLC, a Delaware
        limited liability company, its General PartnerBy:  G REIT Liquidating Trust dated
        January 22, 2008, a Maryland Trust,
        its Sole Member and ManagerBy:  Gary H. Hunt, W. Brand Inlow,
        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 Representative S-3