Grubb Ellis Co

Commercial real estate brokerage giant Grubb & Ellis Co., with its stock getting battered in a softening market, announced Friday that its chief executive had resigned and that it would repurchase as much as $25 million worth of its own stock. The Santa Ana company, which helps arrange sales and leases of such properties as office buildings, stores and warehouses, said CEO and President Scott D. Peters, 50, stepped down "to pursue other interests."

A small Santa Ana real estate company is taking over venerable commercial real estate brokerage Grubb & Ellis Co. and will move the firm's headquarters from Chicago to Santa Ana. The merger announced Tuesday with NNN Realty Advisors Inc., a privately held real estate services and management company in Santa Ana, marks the latest consolidation in the increasingly competitive industry. "Companies need to be bigger to compete now," said real estate analyst Craig Silvers of Bricks & Mortar Capital.

Commercial real estate broker Grubb & Ellis Co. completed a merger with NNN Realty Advisors Inc., adding to its property management and investment operations. Grubb & Ellis will keep its name and continue to be listed on the New York Stock Exchange. Grubb & Ellis' headquarters has been moved to Santa Ana from Chicago. Tony Thompson, founder of NNN, is chairman of the combined company, taking over for C. Michael Kojaian, who remains on the board.

Grubb & Ellis Co., a real estate services company that manages 200 million square feet of commercial space in more than 30 countries, raised $125 million by selling shares in a new venture that plans to buy industrial and office properties. Grubb & Ellis Realty Advisors Inc., a so-called blank check company because of its speculative nature, sold more than 20.8 million securities, composed of one share of stock and two warrants, at $6 each, a banker involved in the sale said Monday.

Grubb & Ellis Co., an international real estate brokerage based in Santa Ana, reported a second-quarter loss of $5.1 million, or 8 cents a share, on slowing commercial property sales. The company earned a profit of $10.2 million, or 24 cents, a year earlier. Revenue fell 9% to $167 million. NNN Realty Advisors acquired Grubb & Ellis last year and moved the headquarters to Orange County.

The third quarter was a tough one for Grubb & Ellis Co., a global commercial real estate brokerage based in Santa Ana. With turmoil in the credit markets bringing real estate sales to a near-halt, the company reported that third-quarter revenue plunged to $159 million, compared with $469 million in the third quarter of last year. Grubb & Ellis had a net loss of $44 million, or 69 cents a share, compared with a profit of $4 million, or 10 cents a share, a year earlier. The company is working to increase revenue by performing services such as managing real estate for other corporations, Chief Executive Gary Hunt said.

Grubb & Ellis Co. President and Chief Executive Barry Barovick resigned after less than two years at the property brokerage. Barovick's His resignation is part of a shake-up at the company since Michael Kojaian took over as chairman last year. Analysts said the changes suggest Grubb & Ellis, whose fourth-quarter revenue fell 13% to $88 million, may scale back corporate consulting in the face of falling commission income. Shares of Northbrook, Ill.-based Grubb & Ellis rose 15 cents to $1.