Grubb & Ellis Buys Abrams Centre
Grubb & Ellis (GBE) 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).
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV