Grubb & Ellis Company Announces Results of Grubb & Ellis Realty Advisors, Inc. Stockholder Vote on Acquisition of Properties
28 Febrero 2008 - 10:02AM
PR Newswire (US)
SANTA ANA, Calif., Feb. 28 /PRNewswire-FirstCall/ -- Grubb &
Ellis Company (NYSE:GBE), a leading real estate services and
investment firm, today announced that stockholders of Grubb &
Ellis Realty Advisors, Inc., (AMEX:GAVAMEX:GAV.WS), a special
purpose acquisition company sponsored by Grubb & Ellis, failed
to approve at a special meeting held earlier today the proposed
business combination pursuant to which Realty Advisors would have
acquired from Grubb & Ellis three commercial office properties.
Grubb & Ellis acquired the three office properties -- the
Danbury Corporate Center in Danbury, Conn., Abrams Centre in Dallas
and 6400 Shafer Court in Rosemont, Ill. -- in the first half of
2007 as part of its strategy to accumulate assets for transfer to
Realty Advisors having a combined value sufficient to constitute
Realty Advisors' business combination. Grubb & Ellis acquired
the properties for an aggregate purchase price of approximately
$122.3 million and had agreed to sell them to Realty Advisors on a
"cost neutral basis" taking into account the costs and expenses
paid by the Company with respect to the purchase of the properties
and imputed interest on cash advanced by Grubb & Ellis with
respect to the properties. As part of its sponsorship of Realty
Advisors, the Company has investments, including stock, warrants
and operating advances, in Realty Advisors totaling approximately
$5.6 million which the Company will write-off in the first quarter
of 2008. The Company presently intends to market the properties for
sale. About Grubb & Ellis Grubb & Ellis Company (NYSE:GBE)
is one of the largest and most respected commercial real estate
services and investment companies. With more than 130 owned and
affiliate offices worldwide, Grubb & Ellis offers property
owners, corporate occupants and investors comprehensive integrated
real estate solutions, including transaction, management,
consulting and investment advisory services supported by
proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real
estate investment programs that provide individuals and
institutions the opportunity to invest in a broad range of real
estate investment vehicles, including tax-deferred 1031
tenant-in-common (TIC) exchanges; public non-traded real estate
investment trusts (REITs) and real estate investment funds. As of
December 31, 2007, more than $3 billion in investor equity has been
raised for these investment programs. The company and its
subsidiaries currently manage a growing portfolio of more than 216
million square feet of real estate. In 2007, Grubb & Ellis was
selected from among 15,000 vendors as Microsoft Corporation's
Vendor of the Year. For more information regarding Grubb &
Ellis Company, please visit http://www.grubb-ellis.com/.
Forward-looking Statement Except for historical information,
statements included in this announcement may constitute
forward-looking statements regarding, among other things. 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) 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; and (iii) other factors described in the definitive joint
proxy/prospectus filed with the Securities and Exchange Commission
on November 5, 2007 and the Company's annual report on Form 10-K
for the fiscal year ending June 30, 2007, filed with the SEC.
DATASOURCE: Grubb & Ellis Company CONTACT: Janice McDill of
Grubb & Ellis Company, +1-312-698-6707, Web site:
http://www.grubb-ellis.com/
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