Grubb & Ellis Realty Investors Acquires Fifth Third Bank Building in Schaumburg, Ill.
May 12 2008 - 10:21AM
PR Newswire (US)
SANTA ANA, Calif., May 12 /PRNewswire/ -- Grubb & Ellis Realty
Investors, LLC has acquired a Fifth Third Bank building in the
Chicago-suburb of Schaumburg, Ill., on behalf of a private investor
participating in the Wealth Management program. Located at 2580 W.
Schaumburg Road, the newly constructed building is comprised of
more than 4,000 square feet of rentable space situated on more than
one acre of land. Solely leased to Fifth Third Bancorp, the
property includes four drive-thru teller lanes, as well as 28
parking spaces. "This high quality asset is located in one of
Schaumburg's primary retail corridors and is expected to provide
investors with a steady return over the projected hold period,"
said Jeff Hanson, President and Chief Investment Officer of Grubb
& Ellis Realty Investors. "The property is on a long term
ground lease to a strong investment-grade tenant, making it a
particularly attractive investment asset." The Fifth Third Bank
building is an outparcel to the Prairie Towne Center, where an
estimated 67,000 cars pass daily, and is also highly visible and
accessible from Barrington Road, where an estimated 40,000 cars
pass daily. The property is directly surrounded by dense
residential neighborhoods, as well as various retail outlets,
including Target, Home Depot and Staples. Grubb & Ellis Realty
Investors acquired the Fifth Third Bank building from JBAS, LLC,
which was represented by Nathan Martin from Staubach Capital
Markets. 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. Contact:
Julia McCartney, 714.667.8252, ext. 230 DATASOURCE: Grubb &
Ellis Realty Investors, LLC CONTACT: Julia McCartney of Grubb &
Ellis Realty Investors, LLC, +1-714-667-8252, ext. 230, Web site:
http://www.grubb-ellis.com/ Company News On-Call:
http://www.prnewswire.com/comp/136726.html
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