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."
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