NEW YORK, Aug. 19, 2011 /PRNewswire/ -- Infinity Urban
Century, an investment unit of the Infinity Group, and Sovereign
Capital Management, today announced they have completed the
purchase of Daymark Realty Advisors Inc. from Grubb & Ellis
Company (NYSE: GBE). With the completion of this acquisition, the
strategic joint venture between Sovereign Capital and Infinity
Urban Century becomes one of the leading players in the securitized
tenant-in-common investment market.
Daymark, formerly known as Triple Net Realty Advisors, became
the largest asset management and structured finance provider in
this segment of the US commercial property market during the last
decade. The company is a fully integrated platform providing
acquisition, asset management, structured finance, asset
restructuring and recapitalizations. It manages a nationwide
portfolio of properties totaling over 33 million square feet,
valued at $4.9 billion based on
purchase price, and including more than 8,700 residential
multifamily units. (For more information regarding Daymark Realty
Advisors, visit www.DaymarkRealtyAdvisors.com).
Grubb & Ellis Company entered the asset management business
as part of the company's 2007 merger with NNN Realty Advisors, Inc.
Daymark was responsible for overseeing management of the entire
Grubb & Ellis Company tenant-in-common portfolio and providing
specialized management services to the owners of the
tenant-in-common properties. With this disposition that was part of
a strategic realignment, Grubb & Ellis Company has fully exited
the tenant-in-common business.
Infinity Urban Century and Sovereign Capital will operate
Daymark independently, under the direction of a new board of
directors and stronger management team. The new ownership group
plans to reinvigorate Daymark and accelerate its transformation.
"We will be implementing an execution plan focused on stabilizing
and recapitalizing properties (with new debt and/or equity). Our
goal is to use new capital to create solutions for both long and
short-term ownership and exit strategies, while focusing on the
needs our existing investor base," says Etienne Locoh, managing partner of Infinity's
Urban Century investment unit. "Our strategic alliance with
Sovereign Capital Management transforms Daymark into a true,
best-in-class, distressed asset management platform in the TIC
sector, and we plan to grow this business."
The Infinity Group is a New York
City based private equity investment company with
significant interests in commercial real estate. The firm's
property unit focuses on value-added asset repositioning and
distressed real estate investments. Sovereign Capital is a
San Diego-based real estate
company with an established history of successful commercial
property acquisition and management. Over the past ten years,
Sovereign has assisted more than 1,500 TIC and other retail
investors with the restructuring of assets negatively impacted by
economic changes. The two firms formed a strategic joint
venture for the acquisition of Daymark Realty Advisors Inc.
For more information regarding Infinity and Sovereign, visit
www.infinity-group.com and www.sovcapital.com.
SOURCE Infinity Urban Century