Monday, April 18, 2011
SANTA ANA, CA (April 18, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it closed the $18 million credit facility with Colony Capital that the company previously announced on March 30, 2011.
The company has drawn the initial $9 million tranche under the facility, and anticipates that the second $9 million tranche will fund subsequent to May 15, 2011.
In conjunction with this financing, which was provided by a lending affiliate of Colony Capital, Colony was granted an exclusive 60-day period, which commenced on March 30, 2011, to evaluate a potential larger strategic transaction with Grubb & Ellis.
Should the company and Colony enter into a definitive agreement for a strategic transaction, the company retains the right to solicit competing strategic transactions for a period of 25 business days thereafter.
Colony Capital, LLC, is a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies.
JMP Securities served as financial advisor to Grubb & Ellis in connection with the financing.
Contact: Janice McDill, Phone: 312.698.6707,