Santa Ana-based Grubb & Ellis Co. said on Monday that the Securities and Exchange Commission has closed its investigation of predecessor company Triple Net Properties without any enforcement action.
The probe began in late 2004. The SEC requested information from Triple Net Properties relating to public and private securities offerings sponsored by the real estate investment company and its affiliates.
Grubb & Ellis hadn’t expected the investigation to have a material impact on its finances.
The company’s former chairman and second-largest shareholder, Tony Thompson, had agreed to forfeit up to 1.2 million shares of his stock had the investigation resulted in significant penalties for the company.
Triple Net’s parent company, NNN Realty Advisors, acquired real estate brokerage Grubb & Ellis late last year as a way of going public. It kept the better-known Grubb & Ellis name.
