G&E, NNN Realty Sign Merger Pact

Grubb & Ellis Co., a real estate services firm based in Northbrook, Ill., and NNN Realty Advisors Inc., a commercial real estate management and services firm based in Santa Ana, Calif., have announced a merger agreement.The merger will create a real estate services company with a total capitalization of approximately $725 million that will retain the Grubb & Ellis name. Under the agreement, 0.88 shares of G&E common stock will be issued for each share of NNN Realty common stock outstanding. Scott D. Peters, chief executive officer and president of NNN Realty, will become CEO of the combined entity. He said it will have "an attractive mix of diversified earnings with minimal leverage on the balance sheet, well-positioned for growth, both domestically and internationally, consistent with the strategic focus of Grubb & Ellis." The company can be found online at http://www.grubb-ellis.com.