Infinity Urban Century Completes Acquisition of Daymark Realty Advisors, Inc. in Partnership with Sovereign Capital Management Group
New York, NY, August 10, 2011 – Infinity Urban Century, an investment unit of Infinity Real Estate, 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, which was a wholly owned subsidiary of the Grubb & Ellis Company, 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 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”.