Grubb & Ellis Cites Progress in Company Sale

SANTA ANA, CA-Grubb & Ellis Co. says it has “received initial indications of interest from numerous strategic and financial buyers” after it hired JMP Securities in March to explore a possible sale or merger of the company, or other strategic moves. The company, which hired JMP after receiving unsolicited inquiries, also says it expects to complete a transaction with respect to its Daymark Realty Advisors tenant-in-common subsidiary, which Grubb spun off as a subsidiary earlier this year.

Among those interested in Grubb & Ellis, Santa Monica, CA-based Colony Capital LLC invested $18 million in Grubb & Ellis and signed a 60-day exclusivity period to explore a larger strategic transaction. As of May 29, Colony’s exclusivity period ended, “which allows Grubb & Ellis to actively engage in discussions with additional parties, while continuing discussions with Colony,” Grubb & Ellis said Tuesday in an announcement.