Firms' Shareholders OK Grubb-NNN Merger

Danielle Douglas is associate editor of Real Estate Forum .

SANTA ANA, CA-Shareholders of Grubb & Ellis and NNN Realty Advisors voted in favor of the merger of the two companies Thursday, setting the stage for the merger to be completed “as soon as is practical,” according to a statement announcing the votes. Following the close of the merger, the company will retain the Grubb & Ellis name and will continue to be listed on the New York Stock Exchange under the ticker symbol GBE.

The merger, which was previously approved by the boards of directors of both companies, will occur through the issuance of 0.88 shares of Grubb & Ellis common stock for each share of NNN common stock outstanding. The newly merged company, which will be based here, will create a full-service commercial real estate asset management and services firm with a capitalization of $725 million.