Search
 

The Phoenix Rises

While it was highly publicized that Grubb & Ellis Co.'s brokerage division had suffered ills during the recession, and several brokers and teams moved on to other firms, its investment-management division and the REITs it co-sponsored and advised could have been unfortunate casualties. Instead, the senior executives that had been in charge of managing Grubb & Ellis Healthcare REIT II started American Healthcare Investors to co-sponsor the REIT and renamed it Griffin-American Healthcare REIT II shortly before Grubb filed for bankruptcy. The team has now been together for approximately six years and has collectively acquired and managed $3.5 billion worth of healthcare properties on behalf of thousands of investors.

By Carrie Rossenfeld | Updated on December 21, 2012

While it was highly publicized that Grubb & Ellis Co.’s brokerage division had suffered ills during the recession, and several brokers and teams moved on to other firms, its investment-management division and the REITs it co-sponsored and advised could have been unfortunate casualties. Instead, the senior executives that had been in charge of managing Grubb & Ellis Healthcare REIT II started American Healthcare Investors to co-sponsor the REIT and renamed it Griffin-American Healthcare REIT II shortly before Grubb filed for bankruptcy. The team has now been together for approximately six years and has collectively acquired and managed $3.5 billion worth of healthcare properties on behalf of thousands of investors.

“The REIT’s board knew it needed to move away from Grubb to protect the interests of the REIT’s shareholders,” Jeff Hanson, principal of AHI, tells Real Estate Forum. “The decision was made at the right time because on the day it was done, Grubb was delisted by the New York Stock Exchange, and bankruptcy was declared six weeks later. It was clear that the REIT would have to make a transition.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.