Grubb & Ellis Co.Acquires Unit

Grubb & Ellis Co. said Tuesday that it has acquired the residential brokerage subsidiary of Mission Viejo Co. in a deal involving cash and notes. Terms were not disclosed.

The acquisition gives Grubb & Ellis' regional residential brokerage division 12 offices and 350 agents in Orange and San Diego counties. Mission Viejo Realty had two offices and 75 agents in Mission Viejo.

Mission Viejo Realty's name will be changed to Mission Viejo Realty/Grubb & Ellis.

Milton E. Naylor, senior vice president of Grubb & Ellis' Pacific Southwest regional residential brokerage operations, said the Saddleback Valley is considered a prime area for residential resales.

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