SANTA ANA, CA - Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced the creation of Daymark Realty Advisors, Inc., a wholly owned and separately managed subsidiary. Daymark, which shall be responsible for the management of the company's entire tenant-in-common portfolio, will provide specialized management services to the owners of the TIC portfolio.
Source: Grubb & Ellis Company
As a result of the restructuring, Daymark Realty Advisors becomes one of the largest real estate asset management companies in the country, serving more than 5,200 clients and overseeing a nationwide portfolio of commercial property totaling approximately 33 million square feet, including more than 8,700 multifamily units. Daymark will be based in Santa Ana with regional offices in Atlanta, Chicago, Dallas, Phoenix and Richmond, Va.
"The unique nature of the tenant-in-common business requires specialized expertise and intense focus, especially as the commercial real estate industry begins to recover from the significant downturn of the past few years," said Thomas P. D'Arcy, president and chief executive officer of Grubb & Ellis Company. "Daymark Realty Advisors is dedicated to meeting the unique and evolving needs of its tenant-in-common clients, while Grubb & Ellis Company continues to focus on its core real estate services and non-traded REIT businesses."
Daymark Realty Advisors will provide strategic asset management, property management, structured finance, accounting and loan advisory services to its existing portfolio. Daymark is led by president and chief executive officer Steven M. Shipp, who previously served as executive vice president of portfolio management for Grubb & Ellis Realty Investors and who has an extensive commercial real estate background spanning more than 22 years in asset management and structured finance.
"Daymark enters the market as one of the most experienced managers in the industry, delivering a 'client-centric' model that acknowledges the unique needs of tenant-in-common owners," said Shipp. "We have brought together a deeply talented pool of professionals with specific expertise in the disciplines necessary to preserve and enhance cash flow, valuation and, ultimately, investor returns."
In connection with Daymark's launch, Grubb & Ellis and Daymark have engaged FBR Capital Markets & Co. as financial advisor. FBR, in addition to being a leader in the real estate capital markets business, has significant experience in advising TIC asset management companies.
"Our goal is the protection and preservation of our clients' investments," said Shipp. "As such, we look forward to working with our clients to find creative solutions that solve for the general lack of capital that is all too common in the TIC industry."
FBR Capital Markets Corporation (Nasdaq: FBCM) provides investment banking, merger and acquisition advisory, institutional brokerage, and research services through its subsidiary FBR Capital Markets & Co. FBR focuses capital and financial expertise on the following industry sectors: consumer; diversified industrials; energy & natural resources; financial institutions; insurance; real estate; and technology, media & telecom. FBR Fund Advisers, Inc., a subsidiary of FBR Capital Markets Corporation, provides clients with a range of investment choices through The FBR Funds, a family of mutual funds. FBR Capital Markets is headquartered in the Washington, D.C. metropolitan area with offices throughout the United States and in London. For more information, please visit www.fbr.com.
Daymark Realty Advisors, Inc. is one of the country's leading providers of strategic asset management and structured finance services to the tenant-in-common industry. Daymark provides a fully integrated platform of services that focus on maximizing property value and performance, and offers proven expertise in the repositioning of assets, debt restructuring and property recapitalizations. From six offices throughout the country, Daymark manages a nationwide portfolio of commercial real estate properties totaling approximately 33.3 million square feet, including more than 8,700 multifamily units, valued at $4.9 billion (based on purchase price).
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 6,000 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment subsidiaries, the company is a leading sponsor of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), mutual funds and other real estate investment funds.