Grubb & Ellis Company Selected to Promote Bankruptcy Auction of 1,340 Acres of Land in North Las Vegas

Grubb & Ellis Company (NYSE: GBE) today announced that the company has been engaged by a group of five banks to promote the auction of 1,340 acres of undeveloped land known as Park Highlands in North Las Vegas. Together, the banks hold a 48 percent interest in the $178.9 million defaulted loan on the property, which is being sold under Bankruptcy Section 363.