Santa Ana-based real estate investor NNN Realty Advisors Inc.’s buy of Chicago-based brokerage Grubb & Ellis Co. was approved by both companies’ shareholders on Thursday.
Votes on the deal took place at separate meetings in Costa Mesa. The companies said they now expect the deal to close as soon as practical.
Following the acquisition, the combined company is set to keep the Grubb & Ellis name and continue to trade on the New York Stock Exchange under “GBE.”
NNN Realty,parent company of Triple Net Properties LLC, announced the deal with Grubb & Ellis in May.
NNN Realty’s shareholders will own 59% of the combined company, which will be based in Santa Ana.
Scott Peters, NNN Realty’s chief executive and president, will head up the combined company. Tony Thompson, Triple Net’s founder and chairman of NNN Realty, will be chairman of the combined company.
Back in May, the combination was valued at $725 million, with Grubb & Ellis making up about $300 million of that. Grubb & Ellis’ shares have dropped since the deal was struck; the company now counts a market value of about $170 million.
