Grubb & Ellis, NNN Realty complete merger

By Lisa Kerner

Charlotte, N.C., Dec. 10 - Grubb & Ellis Co. completed its merger with NNN Realty Advisors, Inc. to create a real estate services company with capitalization of $725 million.

The real estate services and investment management firm will retain the Grubb & Ellis name and continues to be listed on the New York Stock Exchange under the ticker symbol "GBE."

Under the companies' May 22, 2007 merger agreement, NNN Realty Advisors shareholders will receive 0.88 of a share of newly issued Grubb & Ellis common stock for each share of NNN Realty Advisors common stock.

Scott D. Peters, chief executive officer and president of NNN Realty Advisors, will become CEO of the newly combined company.

Triple Net Properties, a sponsor of securitized 1031 tenant-in-common exchange programs, and NNN Capital Corp., a registered broker-dealer, are now indirect wholly owned subsidiaries of Grubb & Ellis.

Grubb & Ellis will also assume sponsorship of and rename the two public non-traded real estate investment trusts formerly sponsored by NNN Realty Advisors: NNN Healthcare/Office REIT, Inc. and NNN Apartment REIT, Inc.

"The merger combines one of the largest and most recognized commercial real estate services providers with one of the most innovative and successful sponsors of real estate investment programs, creating a new Grubb & Ellis poised to pursue growth and to provide a broader range of services to a global client base," Peters said in a company news release.

NNN Realty Advisors is a privately held real estate company located in Santa Ana, Calif. The combined company will also be based in Santa Ana.

Grubb & Ellis is a Chicago-based commercial real estate company.

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