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GRUBB & ELLIS COMPANY ANNOUNCES AFFILIATION WITH BETTER HOMES AND GARDENS (R) REAL ESTATE SERVICE

 GRUBB & ELLIS COMPANY ANNOUNCES AFFILIATION WITH
 BETTER HOMES AND GARDENS (R) REAL ESTATE SERVICE
 NEWPORT BEACH, Calif., April 27 /PRNewswire/ -- Milton E. Naylor, executive vice president and regional manager of Residential Brokerage Services for Grubb & Ellis' Pacific Southwest Region, and Allen Sabbag, president of Better Homes and Gardens Real Estate Service, announced today the formation of a business alliance designed to provide superior residential real estate service in Southern California. Through the formation of this business alliance, termed the Area Development Alliance, the Southern California residential offices of Grubb & Ellis, the nation's largest full service real estate company, and Better Homes and Gardens, a national real estate marketing network, will be jointly involved in the development of a regional network of brokers throughout Southern California. The national resources of Better Homes and Gardens Real Estate combined with the strength of Grubb & Ellis in the area will enable the companies to offer substantial growth opportunities to independent brokers throughout the region of California south of San Luis Obispo and Bakersfield.
 "We are extremely excited about the opportunity to further address the growing needs of the Southern California real estate market," said Naylor. "This strategy will enable us to create a stronger regional network in Southern California and better meet the needs of brokers, agents and consumers."
 "This new alliance will provide growth opportunities to residential real estate firms through a combined service offering from both the regional market strength of Grubb & Ellis and the national organization of Better Homes and Gardens Real Estate Service," said Sabbag. "We expect these services will attract a large number of additional brokers to create a powerful regional network throughout Southern California."
 Grubb & Ellis will continue to provide quality services to area agents and consumers but now will have the benefit of extensive national and regional marketing support provided by the national Better Homes and Gardens Real Estate Service. Combined services that will be offered to affiliate real estate companies include: agent training, recruitment assistance, business management assistance, financial management and consultation, relocation assistance through its HRC status with PHH Homequity, advertising and marketing support and the benefits of a strong local and national image.
 Today's consumers expect more comprehensive real estate services from their agents which are not offered by all independent brokers. More than 35 percent of the residential real estate market is controlled by national networks, and as that share increases, independent real estate companies will need to find new methods to compete.
 "This strategy enhances the services already offered by our firm, allowing us to provide an unparalleled and complementary package of products and services to residential real estate customers throughout the region," said Naylor. "At the same time, it allows us to help area brokers do an overall better job of serving the complex needs of today's real estate consumer," he said.
 Grubb & Ellis Residential Brokerage Services serves buyers and sellers of residential properties, providing brokerage as well as relocation and mortgage services.
 Grubb & Ellis has 11 residential offices serving Southern California, including eight offices in Orange County and three in San Diego County.
 San Francisco-based Grubb & Ellis is the largest full service real estate company in the country, with offices nationwide. The real estate firm's services include commercial and residential brokerage, property management, appraisal and consultation, asset services and commercial and residential mortgage brokerage.
 Better Homes and Gardens Real Estate Service was formed in 1978 as an extension of Better Homes and Gardens magazine, and is one of the nation's largest real estate networks with more than 660 member firms and 1,300 offices and locations.
 Better Homes and Gardens Real Estate Service is an operating group of Meredith Corp., a Fortune 500 diversified media company, headquartered in Des Moines, Iowa, involved in magazine and book publishing, television broadcasting, cable television and residential real estate marketing and franchising.
 -0- 4/27/92
 /CONTACT: Sharon Abar of Grubb & Ellis, 714-937-0880, ext. 212/ CO: Grubb & Ellis ST: California IN: FIN SU:


CH-AL -- LA014 -- 3281 04/27/92 14:59 EDT
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Date:Apr 27, 1992
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