Path Cleared For Bankruptcy Court Approval of Grubb & Ellis Sale

Grubb & Ellis Co. has canceled a bankruptcy auction to sell off its assets, leaving BGC Partners, LP as the only bidder and clearing the way for a court hearing on Thursday to approve the sale.

Santa Ana, CA-based Grubb & Ellis filed for bankruptcy protection on Feb. 20 and entered into a letter of intent in which BGC Partners, acting as a stalking horse buyer, acquired the brokerage’s outstanding secured debt and submit the minimum bid to acquire…
National Commercial Real Estate News From CoStar Group