Grubb & Ellis Co., Santa Ana, Calif., has received an $18 million financing commitment from Colony Capital LLC, a private investment firm that makes debt and equity investments in real estate-related assets and operating companies.
This announcement came slightly more than one week after Grubb & Ellis announced the firm was exploring strategic alternatives, including a sale. JMP Securities, which was hired as an investment banker to manage that process, advised Grubb & Ellis on this financing.
Los Angeles-based Colony has an exclusive 60-day window during which it can evaluate on whether it wants to make a larger investment in Grubb & Ellis.
If the two companies sign a definitive agreement, Grubb & Ellis retains the right to solicit competing offers for a 25 business day period.
