Grubb & Ellis Realty Investors Acquires Walgreens Building in Chelsea, Ala., for Wealth Management Client

SANTA ANA, Calif., May 21  /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC today announced the acquisition of a Walgreens building in the Birmingham-suburb of Chelsea, Ala., on behalf of a private investor participating in the Grubb & Ellis Wealth Management program.

Located at 16468 Block US Highway 280, the newly constructed Walgreens building offers approximately 14,800 square feet of rentable space, 70 parking spaces and a drive-thru pharmacy window.  Built on approximately 1.7 acres of land, the freestanding building lies at the northeast corner of US Highway 280 and Chesser Plantation Lane.  The property is 100 percent leased to Walgreens Co., the nation's largest retail pharmacy chain.

"Through the Wealth Management program, Grubb & Ellis Realty Investors provides qualified investors with the benefits of real estate ownership without the day-to-day headaches of active management," said Grubb & Ellis Realty Investors President and Chief Investment Officer Jeff Hanson.  "This acquisition is a superb example of the high quality assets we acquire and manage on behalf of clients."

The area immediately surrounding the Walgreens building is dominated by various retail developments, as well as new residential developments that will offer multiple walking trails, lakes and parks.

Grubb & Ellis Realty Investors acquired the Walgreens building from Chelsea Corners, LLC, represented by Marcus & Millichap Real Estate Investment Services, Inc.

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. 

DATASOURCE: Grubb & Ellis Realty Investors, LLC



CONTACT:  Julia McCartney of Grubb & Ellis Realty Investors, LLC,

[phone], ext. 230, 



Web site:  http://www.grubb-ellis.com/ 



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