SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the creation of Daymark Realty Advisors, Inc., a wholly owned and separately managed subsidiary. Daymark, which shall be responsible for the management of the company’s entire tenant-in-common portfolio, will provide specialized management services to the owners of the TIC portfolio.
As a result of the restructuring, Daymark Realty Advisors becomes one of the largest real estate asset management companies in the country, serving more than 5,200 clients and overseeing a nationwide portfolio of commercial property totaling approximately 33 million square feet, including more than 8,700 multifamily units.
Daymark will be based in Santa Ana with regional offices in Atlanta, Chicago, Dallas, Phoenix and Richmond, Va.
“The unique nature of the tenant-in-common business requires specialized expertise and intense focus, especially as the commercial real estate industry begins to recover from the significant downturn of the past few years,” said Thomas P. D’Arcy (top right photo), president and chief executive officer of Grubb & Ellis Company.
“Daymark Realty Advisors is dedicated to meeting the unique and evolving needs of its tenant-in-common clients, while Grubb & Ellis Company continues to focus on its core real estate services and non-traded REIT businesses.”
Daymark Realty Advisors will provide strategic asset management, property management, structured finance, accounting and loan advisory services to its existing portfolio. Daymark is led by president and chief executive officer Steven M. Shipp (middle left photo), who previously served as executive vice president of portfolio management for Grubb & Ellis Realty Investors and who has an extensive commercial real estate background spanning more than 22 years in asset management and structured finance.
“Daymark enters the market as one of the most experienced managers in the industry, delivering a ‘client-centric’ model that acknowledges the unique needs of tenant-in-common owners,” said Shipp. “We have brought together a deeply talented pool of professionals with specific expertise in the disciplines necessary to preserve and enhance cash flow, valuation and, ultimately, investor returns.”
In connection with Daymark’s launch, Grubb & Ellis and Daymark have engaged FBR Capital Markets & Co. as financial advisor. FBR, in addition to being a leader in the real estate capital markets business, has significant experience in advising TIC asset management companies.
“Our goal is the protection and preservation of our clients’ investments,” said Shipp. “As such, we look forward to working with our clients to find creative solutions that solve for the general lack of capital that is all too common in the TIC industry.”
Contact: Janice McDill, Phone: 312.698.6707
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