Specimen Unit Certificate

EXHIBIT 4.1

NUMBER		UNITS

U-                    

SEE REVERSE FOR CERTAIN DEFINITIONS		GRUBB & ELLIS REALTY ADVISORS, INC.

CUSIP

       UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS EACH TO PURCHASE ONE SHARE OF COMMON STOCK

THIS CERTIFIES THAT                                                                                                                                                      ; 

is the owner of                                                                                                                                                     &nb sp;                  Units.

Each Unit (“Unit”) consists of one (1) share of common stock, par value $.0001 per share (“Common Stock”), of Grubb & Ellis Realty Advisors, Inc., a Delaware corporation (the “Company”), and two warrants (the “Warrants”). Each Warrant entitles the holder to purchase one (1) share of Common Stock for [$5.00/$6.25] per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) the Company’s completion of an acquisition, through a purchase, asset acquisition or other business combination, of one or more commercial real estate properties and/or assets, including by acquisition of an operating company, and (ii)                     , 2006, and will expire unless exercised before 5:00 p.m., New York City Time, on                     , 2009, or earlier upon redemption (the “Expiration Date”). The Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior to                     , 2005, subject to earlier separation in the discretion of Deutsche Bank Securities Inc. The terms of the Warrants are governed by a Warrant Agreement, dated as of                     , 2005, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any Warrant holder on written request and without cost.

     This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

     Witness the facsimile seal of the Company and the facsimile signature of its duly authorized officers.

By
		Chairman of the Board				Secretary

Grubb & Ellis Realty Advisors, Inc.

     The Company will furnish without charge to each unit holder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.

     The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

TEN COM –		as tenants in common		UNIF GIFT MIN ACT -				Custodian
TEN ENT –		as tenants by the entireties				(Cust)				(Minor)
JT TEN –		as joint tenants with right of survivorship				under Uniform Gifts to Minors
		and not as tenants in common				Act
						(State)

Additional Abbreviations may also be used though not in the above list.

     For value received,                                                             hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

                                                                                                                                                                                                                                                 
                (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

                                                                                                                                                        ;                                                                               

                                                                                                                                                                                                                                            

                                                                                                                                                                                                                       Units

represented by the within Certificate, and do hereby irrevocably constitute and appoint                                                                             

                                                                                                                                                                                     Attorney to transfer the said Units on the books of the within named Company will full power of substitution in the premises.

Dated                     

		Notice:		The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

Signature(s) Guaranteed:

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).