SAN DIEGO-Sovereign Capital Management Group has become the sole owner of Daymark Realty Advisors. The asset manager bought the remaining interest from Infinity Urban Century, which is an affiliate of Infinity Real Estate and is based out of New York City.
Infinity Urban Century and Sovereign originally went in on the acquisition of Daymark and took it over from Grubb & Ellis. The transaction took place in August 2011, before Grubb & Ellis filed for bankruptcy protection. Representatives from Sovereign could not be reached at press time.
According to various company statements, the team parted amicably. Etienne E. Locoh-Donou, managing partner at Infinity Urban Century, spoke positively of the former partnership. “We achieved a lot together with Sovereign Capital during the last year to stabilize the company (Daymark), and the buyout was great financial outcome for us,” he wrote to GlobeSt.com.
As to Infinity’s decision, Locoh-Donou further highlighted that the company chose to sell its interest in the entity rather than assume a “more passive role” in its operations. He cited increased pressure to “redirect our intellectual capital and time towards other ventures” as a reason for the decision to bow out.
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