Grubb & Ellis’ Self Storage Group Facilitates Sale of Monterey Palms Self Storage in Palm Springs, CA

SANTA ANA, CA (Sept. 22, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its San Diego affiliate, Grubb & Ellis

BRE Commercial facilitated the sale of Monterey Palms Self Storage  (centered photo below) in Palm Springs.

Monterey Palms Self Storage is an 113,000-square-foot, 645-unit self storage facility located at 73230 Varner Road in Thousand Palms. It is a newly constructed property adjacent to Interstate 10. The project opened for business in July 2007 and was approximately 50 percent occupied at closing of the deal. The buyer purchased the project significantly below replacement cost and was able to assume the existing financing, carrying very attractive terms.

Greg Wells of Grubb & Ellis BRE Commercial’s Self Storage Group represented the seller, Granite Investment Group, and used his experience in the self storage sector to work through numerous issues in closing the transaction during such a challenging economic climate.

“This transaction could not have been completed without the guidance and expertise shown by the Grubb & Ellis BRE Commercial Self Storage Group,” said John Heller, president of Granite Investment Group.

Mark Avilla and Matty Sundberg, also of Grubb & Ellis BRE Commercial, represented the buyer.

Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com