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SANTA ANA, CA-NNN Realty Advisors has acquired a majority interest in Alesco Global Advisors, a registered investment adviser in the real estate arena, announcing the deal almost simultaneously with NNN shareholders’ approval of the firm’s merger with Grubb & Ellis. San Mateo-based Alesco, which focuses on real estate securities and manages private investment funds exclusively for qualified investors, will operate as a subsidiary of NNN Realty Advisors with Alesco founder Jay P. Leupp at the helm.

Alesco intends to launch and manage a family of US and global real estate opened and closed-end mutual funds, separate accounts and hedge funds. Leupp, managing principal and senior portfolio manager at Alesco, will serve as the chief executive officer and president of Alesco and as an executive vice president of NNN Realty Advisors.

Scott D. Peters, chief executive officer and president of NNN, says that Alesco “further strengthens our platform as we diversify our product lines and revenue streams with the addition of mutual funds.” From Alesco’s perspective, Leupp says, the San Mateo-based firm “gains access to a well-established broker-dealer network to expand the reach of our marketing efforts,” along with the financial strength and stability NNN.

Before launching Alesco, Leupp served as managing director of real estate equity research at RBC Capital Markets, the same role he previously filled at Robertson Stephens. Leupp was vice president of the Staubach Co. and a development manager at Trammell Crow Residential before entering the securities industry.

NNN’s announcement that it acquired a stake in Alesco, terms of which were not disclosed, came at nearly the same time Thursday as shareholders of Grubb & Ellis and NNN Realty Advisors were voting on the proposed merger of the two companies. The shareholders of both companies approved the merger, which will become final “as soon as is practical,” according to a statement by the firms.

NNN, which manages a portfolio valued at approximately $5.4 billion, is the parent company of Triple Net Properties LLC and is one of the country’s most active tenant-in-common sponsors. NNN is also the parent of the Triple Net Properties Realty Inc. brokerage operation and NNN Capital Corp., a registered broker-dealer.

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