Santa Ana-based NNN Realty Advisors Inc.,parent company of real estate investor Triple Net Properties LLC,is combining with Chicago-based brokerage Grubb & Ellis Co., the companies said Tuesday.
The combined company, which will keep the Grubb & Ellis name, is set to manage and broker sales of commercial real estate. It will have a market value of roughly $725 million. It’s set to continue trading on the New York Stock Exchange under the “GBE” ticker symbol.
NNN Realty Advisors’ stockholders are set to own 59% of the combined company, which will remain based in Santa Ana. The deal is expected to close later this year.
The move stands to supplant NNN’s own plan to go public. Earlier this month, it filed plans to raise up to $423 million in an initial public offering.
Scott Peters, chief executive of NNN Realty Advisors, is set to head the new company. Tony Thompson, NNN Realty founder and the company’s largest shareholder, will become chairman.
NNN Realty provides management services for a portfolio of about 152 properties, totaling more than 32 million square feet of office, medical, apartment and retail buildings in 28 states.
