Grubb & Ellis Buys Crane Realty, LaCagnina

The property management subsidiary of Northbrook, Ill.-based Grubb & Ellis Co. has acquired Irvine-based Crane Realty & Management Co. and LaCagnina & Associates of Encino. The firms did not disclose the value of the acquisitions. Crane manages 3.5 million square feet of property in Southern California, and LaCagnina handles a portfolio of 5 million square feet of mostly retail space statewide. The principal owners of both firms--Bob Crane and Vic LaCagnina--will remain with the company but assume new positions: Crane as a consultant and LaCagnina as a regional director of retail services. Grubb & Ellis Management Services will oversee 10 million square feet of space in California as a result of the acquisition.