Commercial real estate services company Grubb & Ellis has hired JMP Securities as an advisor to explore strategic alternatives for the company, including a sale or merger.
C. Michael Kojaian, chairman of Santa Ana, Calif.-based Grubb & Ellis, said the company has received unsolicited inquiries from potential acquirers or partners and its board decided to create a formal process to explore a possible transaction.
In addition, the company is not going to declare the quarterly dividend due holders of its 12% Cumulative Participating Perpetual Convertible Preferred Stock.
Grubb & Ellis lost nearly $11 million in the fourth quarter last year and $67 million for all of 2010.
In late morning trading on Tuesday, its common stock is up over 7% to $1.07 per share.
