Grubb & Ellis Acquires Two Management Firms

Greatly expanding its management services, the Grubb & Ellis Co. commercial real estate company said Thursday it has acquired two Southern California property managers.

The firms are Irvine-based Crane Realty & Management Co., which manages 3.5 million square feet of office, retail and industrial property in the Southland, and Los Angeles-based LaCagnina & Associates Inc., a retail specialist that manages 5 million square feet throughout the state.

Terms of the transactions were not released. The firms’ principals, Bob Crane and Vic LaCagnina, and their staffs will stay on, the companies said.

In addition to brokering real estate deals, Grubb & Ellis provides a range of management, financial and strategic consulting services.

The acquisitions give the Northbrook, Ill.-based company about 10 million square feet of commercial property under management in California.