-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CqiGSygu7yhnyEoacGMXbBHJ+HNMI9mGFokLRZcYffC1T6KsYgE6QcJftXyQinCz
 cSbUreiv0DIrUa11J/7P3g==

<SEC-DOCUMENT>0001209191-06-042509.txt : 20060726
<SEC-HEADER>0001209191-06-042509.hdr.sgml : 20060726
<ACCEPTANCE-DATETIME>20060726183736
ACCESSION NUMBER:		0001209191-06-042509
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060724
FILED AS OF DATE:		20060726
DATE AS OF CHANGE:		20060726

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grubb & Ellis Realty Advisors, Inc.
		CENTRAL INDEX KEY:			0001341769
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				203426353
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		2215 SANDERS ROAD
		STREET 2:		SUITE 400
		CITY:			NORTHBROOK
		STATE:			IL
		ZIP:			60062
		BUSINESS PHONE:		(847) 753-7500

	MAIL ADDRESS:	
		STREET 1:		2215 SANDERS ROAD
		STREET 2:		SUITE 400
		CITY:			NORTHBROOK
		STATE:			IL
		ZIP:			60062

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GRUBB & ELLIS CO
		CENTRAL INDEX KEY:			0000216039
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32753
		FILM NUMBER:		06982582

	BUSINESS ADDRESS:	
		STREET 1:		500 WEST MONROE STREET
		STREET 2:		SUITE 2800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661
		BUSINESS PHONE:		3126986700

	MAIL ADDRESS:	
		STREET 1:		500 WEST MONROE STREET
		STREET 2:		SUITE 2800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c07128_01gec.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-07-24</periodOfReport>

    <issuer>
        <issuerCik>0001341769</issuerCik>
        <issuerName>Grubb &amp; Ellis Realty Advisors, Inc.</issuerName>
        <issuerTradingSymbol>GAV.WS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000216039</rptOwnerCik>
            <rptOwnerName>GRUBB &amp; ELLIS CO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>500 WEST MONROE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 2800</rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60661</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Redeemable Common Stock Purchase Warrant</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-07-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>25000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.43</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>25000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1131021</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Redeemable Common Stock Purchase Warrant</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-07-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>13900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.42</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>13900</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1144921</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.</footnote>
        <footnote id="F2">The warrants will become exercisable on the later of the issuer's completion of a business combination and February 27, 2007.</footnote>
        <footnote id="F3">The warrants will expire at 5:00 p.m., New York City time, on February 27, 2010 or earlier upon redemption.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Robert Z. Slaughter, General Counsel</signatureName>
        <signatureDate>2006-07-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----