Grubb & Ellis Buys Abrams Centre

Grubb & Ellis(GBE Quote) gained after the Chicago-based commercial real estate company said it agreed to buy Abrams Centre, an office building located in Dallas, for $20.4 million.

The purchase was made through a newly formed, wholly owned subsidiary. The company said its current intention is to acquire the property and hold it for future sale to Grubb & Ellis Realty Advisors(GAV Quote).

The company and Realty Advisors do not have any current arrangement or agreement regarding the property, and Realty Advisors does not have any obligation to buy the property.

Shares were trading up 84 cents, or 8%, to $11.39.