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SANTA ANA, CA—Corporate finance real estate expert Jeffrey W. Shell has joined Grubb & Ellis Co. as executive vice president, bringing with him two team members and a track record of working on the financing and investment sales needs of owners and corporate users of single-tenant properties.

Since 2000, Shell and his team have closed more than $4 billion of transactions in North America, encompassing single-tenant property sales, sale-leasebacks, bond leases, synthetic leases and other structured debt and equity products for corporate clients. Those clients have included such household names as Discovery Communications, Mazda, Procter & Gamble and Thomson Corp. He also has represented developers and institutional owners in selling or financing single-tenant buildings leased to such tenants as Aon Corp., Bosch-Siemens, General Electric, MetLife and Walgreens.

With traditional sources of corporate finance tight in today’s environment, Shell tells GlobeSt.com that “corporate America is looking at sale-leasebacks, or some form of asset monetization, much more closely as a way to offset” the capital disruption. Particularly for corporations with A or lower credits, he adds, there is more liquidity available for their real estate and “although cap rates have risen, in many cases they have not risen as high as the cost of corporate borrowing.”

At least for as long as companies don’t have access to other forms of affordable capital, sale-leaseback activity will be on the rise, predicts Shell. “We see interest, and serious interest,” he says.

Shell joins Santa Ana, CA-headquartered Grubb from Cushman & Wakefield, where he first started working in 1993 and where he was executive director of its investment banking division, head of its build-to-suit advisory services global practice and a member of its global supply chain solutions group. Current deals he is in the process of wrapping up include representing Duke Realty Corp. in the sales of $270 million worth of single-tenant properties, and the final phase of Adidas’ 2 million-square-foot build-to-suit campus in South Carolina, for whose developer Shell structured a capital solution.

In addition to heading Grubb & Ellis’ corporate finance practice, Shell will also be part of the leadership teams of the company’s corporate services and institutional capital markets groups. Joining him at Grubb & Ellis are vice president John S. Ecclestone and senior financial analyst Amie D. Sweeney; the three will continue to be based in Grosse Pointe, MI.

Shell’s addition will allow Grubb & Ellis “to better serve the real estate and capital needs of its corporate, institutional and developer clients,” the company says in an announcement. “The addition of Jeff and his team significantly bolsters our capital markets platform, and at the same time, allows us to deliver differentiated, highly-specialized corporate finance capabilities to our clients,” Jack Van Berkel, executive vice president and president of real estate services, says in the announcement.

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