In a commission-imposed quiet period, Grubb officials would not comment on the offering. But the filing states that the main focus of the subsidiary would be office and industrial buys in such markets as "Las Vegas, Orlando, Phoenix, Houston, San Diego and Kansas City among others." The operation would also scout possible buys in major-market suburbs.

"We believe that the industrial and office sector in these geographic markets offers an opportunity for the company to acquire under-performing properties that we believe we have the capability of turning around and repositioning," the filing stated. No target acquisitions have been identified to date, but that will have to change within the next year and half, the document specifies, or Realty Advisors will be dissolved.

The structure of the IPO, which was dated Oct. 21, calls for the sale of units at $6 each. The units consist of one share of common plus two warrants, allowing holders to purchase a share at $5. The filing gives Deutsche Bank Securities, which represents the underwriters, a 30-day right to purchase up to 3.77 million units over and above the 25 million base.

This is the second bit of structural news emanating from Northbrook in recent months. Grubb made headlines in late September when it spit from Knight Frank. CEO Mark Rose told GlobeSt.com at the time that there were "gaps" in service coverage that necessitated the split. Insiders project that this latest news is one of a series of changes that the industry will see in coming months.