EX-99.1 2 a41266exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
 
(GRUBB AND ELLIS LOGO)   Media Release
         
FOR IMMEDIATE RELEASE
  Contact:   Janice McDill, Grubb & Ellis
 
      janice.mcdill@grubb-ellis.com
 
      312.698.6707 
SEC Closes its Investigation of Triple Net Properties, LLC
With A Recommendation of No Enforcement Action
SANTA ANA, Calif., (June 2, 2008) — Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that the staff of the Securities and Exchange Commission has informed counsel for the Company that the SEC is closing the previously disclosed investigation referred to as “In the matter of Triple Net Properties, LLC” without any enforcement action against Triple Net Properties, LLC or NNN Capital Corp. Triple Net Properties, LLC and NNN Capital Corp. became subsidiaries of Grubb & Ellis Company as part of the merger with NNN Realty Advisors.
     “The Company cooperated fully with the SEC staff throughout the investigation, and we couldn’t be more pleased with the successful outcome,” said Scott D. Peters, Chief Executive Officer of Grubb & Ellis Company.
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies. With more than 130 owned and affiliate offices worldwide, Grubb & Ellis offers property owners, corporate occupants and investors comprehensive integrated real estate solutions, including transaction, management, consulting and investment advisory services supported by proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including tax-deferred 1031 tenant-in-common (TIC) exchanges; public non-traded real estate investment trusts (REITs) and real estate investment funds. As of March 31, 2008, more than $3.4 billion in investor equity has been raised for these investment programs. The company and its subsidiaries currently manage a growing portfolio of more than 218 million square feet of real estate. In 2007, Grubb & Ellis was selected from among 15,000 vendors as Microsoft Corporation’s Vendor of the Year. For more information regarding Grubb & Ellis Company, please visit www.grubb-ellis.com.
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Grubb & Ellis Company
1551 N. Tustin Avenue, Suite 300 Santa Ana, CA 92705 • 714.667.8252

 

 

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06/02/08
SEC Closes its Investigation of Triple Net Properties, LLC With A Recommendation of No Enforcement Action
Forward-looking Statement
Certain statements included in this announcement may constitute forward-looking statements regarding, among other things, future revenue growth, market trends, new business opportunities and investment programs, synergies resulting from the merger of Grubb & Ellis Company and NNN Realty Advisors, certain combined financial information regarding Grubb & Ellis Company and NNN Realty Advisors, new hires, results of operations, changes in expense levels and profitability and effects on the Company of changes in the real estate markets. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Such factors which could adversely affect the Company’s ability to obtain these results include, among other things: (i) the volume of sales and leasing transactions and prices for real estate in the real estate markets generally; (ii) a general or regional economic downturn that could create a recession in the real estate markets; (iii) the Company’s debt level and its ability to make interest and principal payments; (iv) an increase in expenses related to new initiatives, investments in people, technology and service improvements; (v) the success of current and new investment programs; (vi) the success of new initiatives and investments; (vii) the inability to attain expected levels of revenue, performance, brand equity and expense synergies resulting from the merger of Grubb & Ellis Company and NNN Realty Advisors; and (viii) other factors described in the Company’s annual report on Form 10-K for the fiscal year ending December 31, 2007 and Form 10-Q for the quarter ended March 31, 2008 filed with the SEC.
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