Grubb & Ellis Realty Advisors, Inc. has announced that its underwriter exercised the entire over-allotment option and purchased an additional 3,125,000 units, bringing the total number of units sold in the offering to 23,958,334. The total gross proceeds raised in the IPO were $143,750,004, of which $137,500,004, equal to $5.74 per share, was placed into a trust account. The balance placed into the trust account includes $2,675,000 of fees that the underwriter has agreed to defer until the company completes an acquisition, as well as $2.5 million in proceeds from the sale of the 5,876,069 shares that were purchased by the insiders (at $.43 per share) at the inception of the company.
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