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Grubb & Ellis CEO Resigns


Grubb & Ellis CEO Scott Peters resigned after just seven months in that position. Gary Hunt will serve as interim CEO.

Mr. Peters' resignation follows that of Anthony Thompson, who resigned as chairman in February, and Robert Osbrink, who resigned in June as executive vice-president.

Mr. Peters took over as chief executive of Grubb & Ellis when the company was acquired by NNN Realty Advisors Inc. in a reverse merger last December. Before the acquisition, Mr. Peters had served as chief executive of NNN, a commercial real-estate asset management and services firm in Santa Ana, Calif.

Shares of Grubb & Ellis have plunged 49% since the beginning of the year. On Friday, they rose about 1.6% to $3.13, in 4 p.m. trading on the New York Stock Exchange. The company posted a first-quarter net loss of $5.9 million, compared to a profit of $3.6 million a year ago, dragged down by charges related to the write-off of the firm's investment in Grubb & Ellis Realty Advisors, and merger-related costs.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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