Grubb & Ellis Company, the "sponsor" of Grubb & Ellis Realty Advisors, Inc. (stock symbol: GAV), has announced that it is in the process of acquiring a building that it may sell to GAV. If Grubb & Ellis closes on this transaction, this will be the second building that it has purchased with the thought that it might flip it to GAV.
Grubb & Ellis Company Enters Into Contract to Purchase Suburban Chicago Office Building
Monday February 12, 7:50 am ET
CHICAGO, Feb. 12 /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE: GBE - News) today announced that the Company, through its wholly owned subsidiary, GERA Property Acquisition LLC, has entered into an agreement to purchase a 180,000-square-foot office building located at 6400 Shafer Court in Rosemont, IL, and that it has filed a Current Report on Form 8-K with the Securities and Exchange Commission concerning the agreement.
The Company, at its discretion and without penalty, at any time prior to Feb. 15, may elect to terminate the agreement for any reason and not proceed with the purchase. Should the Company choose to move forward with the purchase, its closing is expected to occur on Feb. 28 and would be subject to customary closing conditions.
The Company's current intention is to acquire the property and hold it for future sale to Grubb & Ellis Realty Advisors, Inc. (Amex: GAV - News). The Company and Realty Advisors, however, do not have any current arrangement or agreement with respect to the property and Realty Advisors does not, and prior to the Company's purchase of the property will not, have any obligation to purchase the property from the Company.
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