KING OF PRUSSIA, PA (June 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its Global Logistics Group represented Higgins Development Partners in the investment sale of a 400,260-square-foot warehouse/distribution facility in Hazleton to Exeter Property Group for $12.9 million.
Steve Bonge and Tim Brogan, both senior vice presidents, and Patrick McBride, vice president, served as the seller’s representative in the transaction, located at 68 Green Mountain Road in Humboldt Industrial Park.
“We had strong buyer response to the offering of this outstanding Class A facility,” said Bonge. “In addition to its location in one of the Northeast’s most important distribution corridors, the property offers state-of-the-art systems and has a credit tenant occupying a portion of the building on a long-term basis.”
Built in 2006, the insulated precast facility features high clearance of 32 feet, ample parking and high power. Graham Packaging currently leases 168,630 square feet in the facility, with the rest of the space available for lease.
Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com
Grubb & Ellis Regains Early Compliance with NYSE Listing Standards
The company, which had until February 2011 to regain compliance, said that the NYSE advised the company that its early decision was based on Grubb & Ellis’ consistent positive performance with respect to the business plan submitted to the NYSE and the company’s achievement of compliance with the NYSE’s minimum market capitalization requirements over the past two quarters.
“We are pleased to have come back into compliance with the NYSE’s continued listing standards on an accelerated basis,” said Thomas P. D’Arcy, (bottom right photo) president and chief executive officer of Grubb & Ellis Company.
“We believe this notice is a reflection of the progress we have made over the past six months in strengthening our capital structure and implementing our growth strategy, which is designed to produce long-term value for our shareowners.”
Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com
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