REAL ESTATE NEWS
Untitled Page
Santa Ana-based Grubb & Ellis sells its subsidiary, Daymark Realty Advisors
The Daymark transaction marks Grubb & Ellis’ departure from the tenant-in-common business.
by jessica berriePublished: August 15, 2011 07:45 AM
Grubb & Ellis, a real estate services and investment firm based in
Santa Ana, has sold its subsidiary, Daymark Realty Advisors Inc.
Specializing in asset management and financial services, Daymark has
been acquired by the joint venture of Sovereign Capital Management Group
and Infinity Urban Century, an affiliate of The Infinity Group.
Following this sale, Grubb & Ellis will no longer be involved with
the tenant-in-common business.
"The sale of Daymark is extremely
positive for our company,” said Thomas P. D’Arcy, president and chief
executive of Grubb & Ellis. “Daymark was [not essential] to our real
estate services and non-traded REIT businesses. This sale will allow us
to focus on profitability and growth, while continuing to review our
broader corporate strategic alternatives."
Grubb & Ellis
provides real estate investment management and consulting for clients by
conducting market research and analyzing trends. The company first
entered into the tenant-in-common business following its 2007 merger
with NNN Reality Advisors Inc.
The sale of Daymark Realty
Advisors involved the purchase of its stock by The Infinity Group and
Sovereign Capital Management. Because both members of the joint entity
are involved in real estate investment, they plan on utilizing Daymark’s
asset management services.
"We are very pleased to have
completed our acquisition of Daymark, which manages one of the most
attractive portfolios of tenant-in-common properties in the U.S., and we
plan to use our knowledge of the sector to enhance the company's
competitive advantage and performance in the marketplace," said Etienne
Locoh, managing partner of Infinity's Urban Century investment unit. "We
believe that the investment acumen and capital markets relationships of
Sovereign Capital and Infinity Urban Century will strengthen this
platform with asset capital solutions and deep real estate management
experience."
Related headlines
Grubb & Ellis Healthcare REIT II secures $25 million
Seven-One Capital-Business acquires International Bay Clubs
Local.com acquires Screamin’ Daily Deals
|
||||
|
"The sale of Daymark is extremely positive for our company,” said Thomas P. D’Arcy, president and chief executive of Grubb & Ellis. “Daymark was [not essential] to our real estate services and non-traded REIT businesses. This sale will allow us to focus on profitability and growth, while continuing to review our broader corporate strategic alternatives." Grubb & Ellis provides real estate investment management and consulting for clients by conducting market research and analyzing trends. The company first entered into the tenant-in-common business following its 2007 merger with NNN Reality Advisors Inc. The sale of Daymark Realty Advisors involved the purchase of its stock by The Infinity Group and Sovereign Capital Management. Because both members of the joint entity are involved in real estate investment, they plan on utilizing Daymark’s asset management services. "We are very pleased to have completed our acquisition of Daymark, which manages one of the most attractive portfolios of tenant-in-common properties in the U.S., and we plan to use our knowledge of the sector to enhance the company's competitive advantage and performance in the marketplace," said Etienne Locoh, managing partner of Infinity's Urban Century investment unit. "We believe that the investment acumen and capital markets relationships of Sovereign Capital and Infinity Urban Century will strengthen this platform with asset capital solutions and deep real estate management experience." Related headlines Grubb & Ellis Healthcare REIT II secures $25 million Seven-One Capital-Business acquires International Bay Clubs Local.com acquires Screamin’ Daily Deals |
||||
