SANTA ANA, CALIF. — Grubb & Ellis Co. has completed the sale of Daymark Realty Advisors, a joint venture entity controlled by Sovereign Capital Management Group and Infinity Urban Century. The sale marks Grubb & Ellis’ exit from the tenant-in-common business, which it entered at part of the company’s 2007 merger with NNN Realty Advisors.
“Our corporate strategy is to focus on our real estate services and investment management business, specifically the non-traded REITS,” said Janice McDill, senior vice president of marketing and communications for Grubb & Ellis.
“The sale of Daymark is extremely positive for our company,” said Thomas P. D’Arcy, president and CEO of Grubb & Ellis in a statement. “Daymark was noncore to our Real Estate Services and non-traded REIT businesses. This sale will allow us to focus our profitability and growth, while continuing to review our broader corporate strategic alternatives.”
The sale involved the purchase of Daymark stock by the joint venture equity. FBR Capital Markets & Co. served as financial advisor to Grubb & Ellis for the transaction.
Daymark is one of the largest real estate asset management companies in the country with a nationwide portfolio of commercial property totaling approximately 33 million square feet.
— Savannah Duncan