The three properties are Danbury Center in Danbury, CT; Abrams Centre in Dallas and 6400 Shafer Ct. in Rosemont, IL. Grubb & Ellis acquired last year the 180,000-sf office building in Rosemont for $21.5 million, the 1.1-million-sf Danbury Corporate Center for $86 million and the Abrams Centre for $20 million. The three properties have a high enough aggregate value for Realty Advisors' business combination, which has to be equal to $110 million in assets, a spokeswoman tells GlobeSt.com.
Grubb & Ellis Realty Advisors, formed in September 2005, is a special purpose acquisition corporation that will purchase primarily industrial and office properties. Part of the company's strategy is to acquire undervalued properties, reposition them and sell them for a profit, the spokeswoman says.
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