"The sale of Daymark is extremely positive for our company. Daymark was noncore to our Real Estate Services and non-traded REIT businesses. This sale will allow us to focus on profitability and growth, while continuing to review our broader corporate strategic alternatives," said Thomas P. D'Arcy, president and chief executive officer of Grubb & Ellis.
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.
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