Grubb & Ellis Co., Santa Ana, Calif., said the exclusive period for Colony Capital LLC to negotiate a larger investment commitment in the company expired on May 29, allowing it to enter into discussions with other parties while at the same time maintaining discussions with Colony.
Back on March 21, Grubb & Ellis hired JMP Securities to explore sale or merger alternatives.
Nine days later, Grubb & Ellis entered into an $18 million financing agreement with Colony, whose terms included giving that company an exclusive negotiating window to determine if it wanted to make a larger investment.
During this process, Grubb & Ellis also hired FBR Securities to market its Daymark Realty Advisors subsidiary. Daymark is a property and asset management company.
Management said Daymark has attracted strong interest from potential buyers and the company expects to complete a sales transaction of this unit.
