Regions Midwest | Chicago
Grubb & Ellis Takes Fifth for the Second Time
May 13, 2008

Acting on behalf of a private investor, Santa Ana, Calif.-headquartered Grubb & Ellis Really Investors L.L.C. has snapped up a Fifth Third Bank building in Schaumburg, Ill., about 30 minutes outside of Chicago. The seller was JBAS L.L.C.. Developed this year on an approximately one-acre parcel at 2580 W. Schaumburg Rd., the Fifth Bank structure is fully leased by Fifth Third Bancorp, and is an outparcel to the 290,000-square-foot Prairie Towne Center. The anticipated hold time for the property is long term. The Schaumburg acquisition marks Grubb & Ellis' second purchase of a Fifth Third Bank in less two months; the firm announced the purchase of a 4,200-square-foot branch in Montgomery., Ill., on March 10.

 
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