Grubb & Ellis Forms Strategic Alliance With Kettler Inc. to Offer Residential Property Management Services Nationwide
SANTA ANA, Calif., Sept. 7 /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has established a strategic alliance with Kettler Inc., one of the Mid-Atlantic's largest real estate and property management firms, to provide residential property management services nationwide.
"We are excited to expand our best-in-class property management services to include the multifamily residential space," said Jack Van Berkel, executive vice president and chief operating officer of Grubb & Ellis and president, Real Estate Services. "Many of our clients have told us that they are looking for a service provider that can provide solutions across all asset types and throughout the lifecycle of their ownership. Kettler's residential property management capabilities combined with Grubb & Ellis' comprehensive real estate services platform will enable us to lease, manage and dispose of all asset classes on behalf of our clients."
Van Berkel added that the alliance will play a significant role in the company's growing Financial Services Asset Management practice, which provides full service integrated solutions, including leasing, receivership, management and disposition to financial institutions and special servicers with distressed assets.
"We are thrilled that this relationship with Grubb & Ellis will allow for Kettler to enter new markets and to provide residential management services on a national level," said Cindy Clare, president of Kettler Management Inc. "We are confident that it will prove to be beneficial to both firms."
The alliance, which will operate as Grubb & Ellis|Kettler Residential Management, will benefit clients by allowing the firms to work together seamlessly when a property owner requires both residential and commercial property management services. In these situations, Grubb & Ellis will coordinate marketing efforts, streamline suppliers and interconnect technology systems, and in markets where Kettler currently does not have a presence, the alliance will provide Kettler an opportunity to expand its residential management portfolio.
At June 30, 2010, Grubb & Ellis and its affiliates managed approximately 300 million square feet of commercial property. Kettler is among the largest private real estate and property management companies based in Washington, D.C. The company currently manages more than 16,000 apartments in 70 communities throughout the Mid-Atlantic and Northeast.
About Kettler
Founded by Robert C. Kettler in 1977, Kettler is among the largest private real estate and property management companies based in the D.C. metro area and one of the nation's top 20 multifamily developers. The firm's diverse business model has led to the delivery of five million square feet of commercial space and over 50,000 homes. Kettler's apartment portfolio includes high-end, market rate, affordable and fee-managed assets. In 2008, Kettler Management was awarded the prestigious "Pillars of the Industry" award in the property management category by the National Association of Homebuilders. Currently, the company is developing transit-oriented mixed-use projects and managing a growing portfolio of third-party assets. For more information, visit www.kettler.com.
About Grubb & Ellis Company
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies in the world. Our 6,000 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment subsidiaries, the company is a leading sponsor of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), mutual funds and other real estate investment funds. For more information, visit www.grubb-ellis.com.
Forward-Looking Statements
Certain statements included in this press release may constitute forward-looking statements regarding, among other things, the expected closing of the sale of the notes and the expected use of proceeds. These statements involve known and unknown risks, uncertainties and other factors that may cause the company's actual results and events in future periods to be materially different from those anticipated, including risks and uncertainties related to the financial markets. Such factors which could adversely affect the company's ability to obtain these results include, among other things: (i) a continued or further slowdown in the volume and the decline in transaction values of sales and leasing transactions; (ii) the general economic downturn and recessionary pressures on businesses in general; (iii) a prolonged and pronounced recession in real estate markets and values; (iv) the unavailability of credit to finance real estate transactions in general and the company's tenant-in-common programs, in particular; (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 in general, and in the current macroeconomic and credit environment, in particular; and (viii) other factors described in the company's annual report on Form 10-K/A for the fiscal year ending December 31, 2009, Form 10-Q for the three-month periods ending March 31, 2010 and June 30, 2010 and in other current reports on Form 8-K filed with the Securities and Exchange Commission. The company does not undertake any obligation to update forward-looking statements.
SOURCE Grubb & Ellis Company
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