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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (423)	11/12/2006 5:22:25 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Grubb & Ellis Realty Advisors, Inc. (GAV) raised gross proceeds totaling $143.75 million when it completed its initial public offering on February 27, 2006. On October 20, 2006, Grubb & Ellis Company, the "sponsor" of GAV, announced that it had acquired the Abrams Centre in Dallas, Texas for $20.35 million, and that its current intention was to resell the building to GAV. Item 1.01 Entry into a Material Definitive Agreement. On October 24, 2006, Grubb & Ellis Company (the “Company”), through GERA Property Acquisition LLC, a newly-formed, wholly-owned subsidiary, entered into an agreement with Abrams Office Center Ltd, to purchase Abrams Centre, an office building located in Dallas, Texas, for a purchase price of $20,350,000. The Company, at its discretion and without penalty, at any time during the initial 45-day period of the agreement, 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 would be expected to occur within 75 days after the date of the agreement 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. (“Realty Advisors”). 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. Any subsequent acquisition by Realty Advisors of the property would be subject to the prior approval of both Realty Advisors’ Board of Directors and its stockholders. sec.gov