One of the Midwest’s largest real estate brokerages might soon be up for sale.
Grubb & Ellis Company, the national real estate brokerage that boasts many offices across the Midwest, earlier this week dropped the bombshell that the company might soon be up for sale.
The company on March 21 announced that it has hired JMP Securities, a San Francisco-based investment bank, to explore a host of strategic alternatives for the company. These alternatives include the sale or merger of the company.
In a statement on the company’s Web site, C. Michael Kojaian, chairman of the board at Grub & Ellis, said that the time was right for such a move.
“While the management team has made progress restructuring the business and driving top-line growth, we believe now is the time to explore opportunities on how to best leverage the broad platform and capabilities of the company into an improving market for the benefit of all stakeholders,” Kojaian said in his statement. “We have received unsolicited inquiries, and decided that a formal process is in the best interest of all of our constituents.”
The board at Grubb & Ellis has also decided not to delcare a quarterly divident to the holders of its preferred stock.