Grubb & Ellis Company Completes Acquisition of Danbury Corporate Center
15 Junio 2007 - 4:55PM
PR Newswire (US)
Company Obtains Financing for Warehoused Properties from Wachovia
Bank, N.A. CHICAGO, June 15 /PRNewswire-FirstCall/ -- Grubb &
Ellis Company (NYSE:GBE) today announced that as part of its
warehousing strategy to deliver assets to its investment management
affiliate, Grubb & Ellis Realty Advisors, Inc., (AMEX:GAV), the
Company, through an indirect wholly owned subsidiary, has completed
the acquisition of Danbury Corporate Center. The
1-million-square-foot Class A office complex located in Danbury,
Conn., was acquired for approximately $80.8 million. The
acquisition of Danbury Corporate Center follows the Company's
earlier 2007 acquisitions pursuant to its warehousing strategy of
the 325,000-square-foot Abrams Centre in Dallas for $20 million and
6400 Shafer, an 180,000-square-foot office suburban Chicago office
building, for $21.5 million. Simultaneous with the acquisition of
Danbury Corporate Center, the Grubb & Ellis subsidiaries formed
to hold the warehoused properties closed non-recourse mortgage loan
financings from Wachovia Bank, N.A. in the aggregate amount of
$120.5 million, $78 million of which is secured by the Danbury
property and the balance, $42.5 million, is secured by Abrams
Centre in and 6400 Shafer. The proceeds of the financings were used
to finance the purchase of Danbury Corporate Center, to fund
certain required reserves and repay certain borrowings with respect
to the other two properties. The Company's current intention is to
hold the properties for future sale to Grubb & Ellis Realty
Advisors. The aggregate value of the three properties is sufficient
to constitute Realty Advisors' business combination, if the
purchase of such properties from Grubb & Ellis receives all
requisite Realty Advisors approvals. The Company and Realty
Advisors, however, do not have any agreement with respect to the
properties and Realty Advisors does not have any obligation to
purchase the properties from the Company. Grubb & Ellis Company
Grubb & Ellis Company is one of the world's leading
full-service commercial real estate organizations, providing a
complete range of transaction, management and consulting services.
By leveraging local expertise with our global reach, Grubb &
Ellis offers innovative, customized solutions and seamless service
to owners, corporate occupants and investors throughout the globe.
For more information, visit the Company's Web site at
http://www.grubb-ellis.com/. Forward-looking Statement Statements
included in this release may constitute forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause the Company's actual results and
performance in future periods to be materially different from any
future results or performance suggested by these statements. Such
factors which could adversely affect the Company's ability to
obtain these results include, among other things: (i) the volume of
sales and leasing techniques and prices for real estate in the real
estate markets generally; (ii) a general or regional economic
downturn that could create a recession in the real estate markets;
(iii) the Company's debt level and its ability to make interest and
principal payments; (iv) an increase in expenses related to new
initiatives, investments in people, technology and service
improvements; (v) the success of new initiatives and investments;
and (vi) other factors described in the Company's Annual Report on
Form 10-K for the fiscal year ended June 30, 2006, the Company's
Quarterly Reports on Form 10-Q for the fiscal quarters ended
September 30, 2006, December 31, 2006 and March 31, 2007 and in the
Company's other filings with the Securities and Exchange Commission
(including the Registration Statement on Form S-1, as amended,
registration number 333-133659). DATASOURCE: Grubb & Ellis
Company CONTACT: Janice McDill of Grubb & Ellis Company,
+1-312-698-6707, Web site: http://www.grubb-ellis.com/ Company News
On-Call: http://www.prnewswire.com/comp/136726.html
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