Grubb & Ellis Realty Investors Sells Royal Ridge Tech in Irving, Texas

SANTA ANA, Calif., Feb. 10  /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC today announced the disposition of Royal Ridge Tech on behalf of tenant-in-common investors.

Built in 2000, Royal Ridge Tech is a single-story office building that offers approximately 44,000 square feet of rentable space.  Located at 8333 Royal Ridge Parkway in the Dallas suburb of Irving, the property is situated on approximately 3.6 acres of land and offers easy access to the Lyndon B. Johnson Freeway, or Interstate 635, as well as State Route 114.

"In the midst of a severe credit crunch, the sale of Royal Ridge provides the tenant-in-common owners significant capital that they can utilize to improve a second property owned by the group for long-term value," said Jeff Hanson, president and chief investment officer of Grubb & Ellis Realty Investors.

Situated within two miles of one another, Royal Ridge Tech is part of a two-property 1031 TIC exchange program that includes Beltline, a single-story office building that offers nearly 40,000 square feet of space split among three tenant spaces.

Grubb & Ellis Realty Investors, which purchased the property in April 2003, was represented by Kacy Jones, Byron McCoy and Sean Dalton of Holt Lunsford Commercial.  Nora Hogan and Robert Deptula of Transwestern represented the buyer, TXVT Development Inc., a Texas corporation.

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 $6.7 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 more than $11.5 billion on behalf of program investors since its founding in 1998; in excess of $8.5 billion 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) 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, [phone],

, or Damon Elder, [phone],

, both of Grubb & Ellis Realty Investors, LLC

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