Grubb & Ellis looks to Gulf Coast for growth

Senior living complexes are some of the hottest items going in commercial real estate, and now a large national firm wants in on the action — starting with Sarasota.

The firm, Santa Ana, Cailf.-based Grubb & Ellis, launched a national senior housing and healthcare properties valuation office in Sarasota earlier this month.

Local commercial real estate veteran Craig Smith will run the office through a subsidiary, Grubb & Ellis Landauer Valuation Advisory Services. Smith says several trends point to increased activity in the sector, from more continuing care retirement communities and assisted living facilities to additional hospitals and surgery centers. “We expect it to grow more rapidly as the economy continues to recover,” Smith tells Coffee Talk.

Smith and several Sarasota-based associates will work territories nationwide for Grubb & Ellis, in an effort to help clients decide what buildings to buy, and what to pay. While Florida is an obvious place to assess health care and senior living properties, Smith says the office will work in other populous states, including Texas and California. Smith previously ran the Sarasota office of Integra Realty Resources.