Santa Ana, Calif.-based Grubb & Ellis Co. has announced the sale of Daymark Realty Advisors Inc. to a joint venture entity controlled by Sovereign Capital Management Group and Infinity Urban Century, an investment affiliate of The Infinity Group. With this transaction, Grubb & Ellis exits the tenant-in-common business through the disposition of its wholly owned subsidiary.
Daymark is a real estate asset management company 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. The sale involved the purchase of Daymark stock by the joint venture entity.Â
Thomas P. D'Arcy, president and CEO of Grubb & Ellis, says that Daymark was sold because the subsidiary was a ‘non-core’ aspect of the company's ‘real estate services and non-traded real estate investment trust businesses.’
