Santa Ana-based Grubb & Ellis Co., feeling the effects of a slow commercial real estate market, reported a net loss of $5.1 million in the second quarter, compared to combined net income of $11.3 million a year ago, the company reported on Tuesday.
The brokerage and real estate investment company, which was acquired by NNN Realty Advisors in a reverse merger last December, reported $167 million in revenue in the quarter.
The two companies generated combined revenues of $182.7 million a year ago, at the peak of the commercial real estate market.
Overall leasing and sales in the commercial real estate industry are down nearly 70% from a year ago, Grubb & Ellis officials said. The company saw a nearly 30% decrease in transaction-related revenue in the second quarter, compared to year ago.
The second-quarter loss included $4.7 million in integration costs related to the NNN Realty acquisition of Grubb & Ellis, and $8.9 million in charges related to properties the company owns.
The company raised $252 million for its investment programs in the quarter, and completed 21 acquisitions totaling $497.5 million
