SANTA ANA, Calif., June 30 /PRNewswire/ -- Grubb & Ellis Realty
Investors, LLC today announced the acquisition of a Walgreens building in
Joliet, Ill., on behalf of a private investor participating in the Grubb &
Ellis Wealth Management program.
Located at 7851 West Caton Farm Road, the property offers approximately
14,800 square feet of rentable space, 73 parking spaces and a two-lane
drive- thru pharmacy. Built in 2007 on nearly two acres of land, the
freestanding building offers easy access to Interstate 55, and is
surrounded by agricultural lands and residential developments. The property
is 100 percent leased to Walgreens Co., the nation's largest retail
pharmacy chain.
"The Walgreens building is a high quality asset leased to a strong
investment-grade tenant on a long term lease," said Grubb & Ellis Realty
Investors President and Chief Investment Officer Jeff Hanson. "We believe
this asset should provide steady cash flow and an attractive return for our
client over the projected hold period."
Grubb & Ellis Realty Investors acquired the Walgreens building from
Gendell Partners Joliet, LLC, represented by Robert Miller of Millco
Investments.
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.
SOURCE Grubb & Ellis Realty Investors, LLC
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Related links:
http://www.grubb-ellis.com
http://www.prnewswire.com/comp/136726.html/
CONTACT:
Julia McCartney of Grubb & Ellis Realty
Investors, LLC, +1-714-667-8252, ext. 230,
julia.mccartney@grubb-ellis.com
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