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NORTHBROOK, IL-In an SEC document filed today, Grubb & Ellis Realty Advisors execs say the company is offering 20.8 million units at $6 per share, which is expected to generate $125 million. Of the 20.8 million units offered, 19.16 million units are being offered to the public and 1.6 million units are being offered to Kojaian Ventures LLC. Kojaian Ventures is an entity affiliated with C. Michael Kojaian, the chairman of the company's board of directors.

When the company originally released the news of its IPO in October, it anticipated proceeds of $150 million, based on the sale of 25 million shares. However, the company amended its offering 16.66 million units at $6 per share, which amounted to $100 million. According to the today's SEC document obtained by GlobeSt.com, the company will now offer 20.8 million units at $6 per share.

Managed by Grubb & Ellis, the new operation will focus primarily on the acquisition of industrial and office properties in second- and third-tier markets. Realty Advisors is a blank-check company organized by Grubb to acquire commercial real estate assets. Shareholders will be buying into a shell company that has no operating business. The concept is to go public with the express purpose of buying shares in another unspecified business.