Grubb & Ellis Adds Name to Another Unit

Triple Net Properties became a subsidiary of the company as part of the December merger, in which Grubb & Ellis also relocated its headquarters to Santa Ana. Peters notes that the newly named subsidiary is one of the nation's leading sponsors of tenant-in-common programs, multi-member limited liability companies, joint ventures and investment funds. The company is the managing member of and the adviser to Grubb & Ellis Healthcare REIT Inc. and Grubb & Ellis Apartment REIT Inc., both of which also converted to the new name after the merger.

Grubb & Ellis Realty Investors oversees a portfolio of assets valued at approximately $5.4 billion located throughout 28 states, according to figures as of Sept. 30. The company is one of the most active buyers and sellers of commercial real estate in the US, having executed acquisition and disposition volume totaling more than $6.8 billion between Jan. 1, 2005 and Sept. 30, 2007.

The renaming of Grubb & Ellis Realty Investors underscores the significance that the merged company places on the 50-year history of Grubb & Ellis. Executives and guests from the company, for example, rang the Closing Bell at the New York Stock Exchange one day in January to start a year-long observance of Grubb & Ellis' 50th anniversary.

Grubb & Ellis Realty Investors, which began in 1998 under the Triple Net name, has raised nearly $3 billion in equity from approximately 35,000 individual investors. It was founded by Tony Thompson, a tenant-in-common pioneer who became chairman of the merged firm but has resigned that post, effective Feb. 8, remaining the second-largest shareholder in the merged company.