Grubb & Ellis Realty Investors Acquires Walgreens Building in Austin, Texas for Wealth Management Client

SANTA ANA, Calif., March 31 /PRNewswire/ -- Grubb & Ellis Realty Investors, LLC today announced the acquisition of a Walgreens building in Austin, Texas on behalf of a private investor participating in the Grubb & Ellis Wealth Management program.

Located at 5011 W. Slaughter Lane, the property offers nearly 15,000 square feet of rentable space, 74 parking spaces and includes a drive-thru pharmacy window. Built on approximately 2.5 acres of land, the freestanding building lies roughly 100 yards east of the Missouri-Pacific (MOPAC) Expressway, one of Austin's primary thoroughfares. The property is 100 percent leased to Walgreens Co., the nation's largest retail pharmacy chain.

"This asset is leased to a strong investment grade credit tenant in a growing metropolitan region," said Jeff Hanson, President and Chief Investment Officer of Grubb & Ellis Realty Investors. "This property should provide our Wealth Management investor with a consistent income stream investment stability over the expected hold period."

The area immediately surrounding the Walgreens building is dominated by various retail and residential developments. The neighborhood, located in close proximity to Austin's central business district, is served by State Highway 71 to the north, FM 1626 to the south, FM 1826 to the west and Interstate Highway 35 to the east, offering exceptional accessibility to the asset.

Grubb & Ellis Realty Investors acquired the Walgreens building from Maddaro, Ltd, represented by Hunington Properties, Inc.

About Grubb & Ellis Realty Investors

Grubb & Ellis Realty Investors, LLC is the real estate investment and asset management subsidiary of Grubb & Ellis Company , a leading real estate services and investment firm. Grubb & Ellis Realty Investors and affiliates manage a growing portfolio of assets valued in excess of $5.7 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 approximately $10 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.