Real Estate Central

SANTA ANA, Calif., May 21 /PRNewswire/ — Grubb & Ellis Realty
Investors, LLC today announced the acquisition of a Walgreens building in
the Birmingham-suburb of Chelsea, Ala., on behalf of a private investor
participating in the Grubb & Ellis Wealth Management program.

Located at 16468 Block US Highway 280, the newly constructed Walgreens
building offers approximately 14,800 square feet of rentable space, 70
parking spaces and a drive-thru pharmacy window. Built on approximately 1.7
acres of land, the freestanding building lies at the northeast corner of US
Highway 280 and Chesser Plantation Lane. The property is 100 percent leased
to Walgreens Co., the nation’s largest retail pharmacy chain.

“Through the Wealth Management program, Grubb & Ellis Realty Investors
provides qualified investors with the benefits of real estate ownership
without the day-to-day headaches of active management,” said Grubb & Ellis
Realty Investors President and Chief Investment Officer Jeff Hanson. “This
acquisition is a superb example of the high quality assets we acquire and
manage on behalf of clients.”

The area immediately surrounding the Walgreens building is dominated by
various retail developments, as well as new residential developments that
will offer multiple walking trails, lakes and parks.

Grubb & Ellis Realty Investors acquired the Walgreens building from
Chelsea Corners, LLC, represented by Marcus & Millichap Real Estate
Investment Services, Inc.

About Grubb & Ellis Realty Investors

Grubb & Ellis Realty Investors, LLC is the real estate investment and
asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), a leading
real estate services and investment firm. Grubb & Ellis Realty Investors
and affiliates manage a growing portfolio of assets valued in excess of
$6.1 billion located throughout 30 states. One of the nation’s most active
buyers and sellers of commercial real estate, Grubb & Ellis Realty
Investors has completed acquisition and disposition volume totaling
approximately $10.4 billion on behalf of program investors since its
founding in 1998; more than 70 percent of this volume has been transacted
since Jan. 1, 2005.

Grubb & Ellis Realty Investors and affiliates are currently buying and
selling properties throughout the United States, offering a full range of
commercial real estate investment programs, including tenant-in-common
(TIC) programs for investors structuring tax-deferred (like-kind) exchanges
under Section 1031 of the Internal Revenue Code, non-traded public real
estate investment trusts (REITs), multi-member limited liability companies
(LLCs) and institutional investments. Through the Grubb & Ellis Wealth
Management program, Grubb & Ellis Realty Investors also offers high net
worth investors a comprehensive program to build or expand their commercial
real estate portfolio, whether their investment objectives are 1031
exchange driven or not.



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• Sophist Surpasses Million Dollar Mark with Text-to-Pledge(TM) Program
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Source: Real Estate Newswire