Grubb & Ellis Realty Advisors had closed its initial public offering in March 2006 and had until March 3, 2008 to consummate a business combination. With the vote against buying the three properties, the company will liquidate its trust account, according to a released statement.

Grubb & Ellis Co., based in Santa Ana, CA, had acquired the three properties for approximately $122.3 million with the intention of selling them to Grubb & Ellis Realty Advisors, the spokeswoman says. The three properties are Danbury Center in Danbury, CT; Abrams Centre in Dallas and 6400 Shafer Ct. in Rosemont, IL. The 1.1-million-sf Danbury Corporate Center was acquired for $86 million and the Abrams Centre was acquired for $20 million, as previously reported by GlobeSt.com. Grubb & Ellis Co. now plans to sell the properties, the spokeswoman says.