SANTA ANA, Calif., July 9 /PRNewswire-FirstCall/ -- Grubb & Ellis
Realty Investors, LLC today announced the disposition of Maitland
Promenade, a five-story office building in Maitland, Fla., on behalf of
tenant-in-common investors.
Built in 2001, Maitland Promenade offers approximately 230,000 square
feet of rentable space situated on approximately nine acres of land.
Located at 495 North Keller Road, the property includes a three-story
parking garage with 990 parking spaces for visitors and tenants.
Originally purchased in September 2005, Maitland Promenade was sold to
Flagler Development Group. Daniel Finkle from Holliday Fenoglio Fowler,
L.P. represented the buyer in the transaction.
The disposition marks the 56th securitized 1031 TIC exchange program
taken full-cycle by Grubb & Ellis Realty Investors, an unrivaled industry
record.
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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