Shares of Santa Ana-based Grubb & Ellis Co. rose Tuesday after a big swoon on Monday.
The company’s stock closed up about 12% after surging as much as 20% earlier in the day.
Grubb & Ellis has a market value of about $50 million.
Tuesday’s surge could be a bounce back from Monday’s 30% drop or a run-up on speculation about a possible sale of the company.
A week ago, Grubb & Ellis said it hired an investment bank to explore a potential sale of the company.
The company brought on San Francisco-based JMP Securities to explore strategic alternatives, saying it had already received interest from potential buyers.
Since the announcement, Grubb & Ellis’ shares have seen wild swings up and down.
Grubb & Ellis’ stock has been battered by the commercial real estate downturn in the past few years.
The company’s shares are down about 30% in the past two years.
A sale of Grubb & Ellis would mark another chapter for a company that’s seen its share of change in the past few years.
The company’s still dealing with issues from its combination with Santa Ana-based NNN Realty Advisors Inc., which came near the peak of the market in 2007.
Grubb & Ellis was the surviving entity in the deal, which prompted a move of its headquarters from Chicago to Orange County.
The company said last month it’s starting a company—Daymark Realty Advisors—to manage the assets it got through the deal with NNN Realty.
Daymark is being run as a separate business and is based in Santa Ana. It’s set up to manage about 8,700 apartments and 33 million square feet of commercial space bought through NNN Realty-sponsored tenant-in-common funds.
