Santa Ana-based real estate brokerage and investor Grubb & Ellis Co. posted a narrowed third-quarter loss on Tuesday, thanks to an increase in deals.
The company said it lost $14.8 million in the quarter, a $6.6 million improvement from the loss it posted a year earlier.
Grubb & Ellis reported $144.3 million in revenue for the quarter, a 6% increase.
Revenue from the company’s core commercial brokerage business were up 29%, reflecting improving market conditions and recruitment of better brokers, the company said.
“We expect to have positive net cash flow in the fourth quarter of 2010, and return to profitability in 2011,” Chief Executive Thomas P. D’Arcy said.
Late last month, Grubb & Ellis warned Wall Street of a third-quarter loss and 2010 results that would fall short of what analysts had been expecting.
