TAMPA - Grubb & EllisCommercial Florida recently negotiated REO sales of three waterfront condominiums on Treasure Island for $1.995 million.
Jeff Sweeney, SIOR, president of Grubb & EllisCommercial Florida, said the condominiums are part of a portfolio of nine bank-owned luxury condominiums at Serena Bay Condominiums at 260 108th Ave. in Treasure Island overlooking Boca Ciega Bay.
Sweeney said Nat Barganier, executive director of the Grubb & EllisCommercial Florida Distressed Property Services Group and head of Multi-Family Investment Sales, teamed and negotiated all three sales with Dania Perry of Jim White Century 21, a residential sales specialist for Tampa Bay area waterfront units.
The Grubb & EllisCommercial Florida DPS Group was the Receiver. “We formed the Grubb & EllisCommercial Florida Distressed Property Group last year to provide real estate services to banks and lenders with REO portfolios,” Sweeney explained. The group includes top Grubb professionals with a deep bench of receiver, banking, development, management and reposition qualifications.
Local home buyers Axel and Kit Hoewt, Charles and Judy Gallagher and Coral L. Bowers acquired the 2,650 square foot high-end condominiums.
“For the buyers, the sale represents tremendous value. For the lender, we are able to remove distressed properties from their books at an agreeable price. Early on Barganier encouraged the lender to pursue both a “retail” and “bulk” sale of units in order to maximize buyer coverage and potential return. “Nat has several excellent properties remaining to sell and we’re still accepting distressed property assignments,” Sweeney said.
About Grubb & EllisCommercial Florida: Grubb & EllisCommercial Florida is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties. Currently Grubb & EllisCommercial Florida has 45 brokers divided among its Tampa, Orlando and Melbourne offices to serve the entire mid-Florida marketplace. Visit www.commercialfl.com.
About Grubb & Ellis Company: Named to The Global Outsourcing 100™ in 2009 by the International Association of Outsourcing Professionals™, 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 130 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.
CONTACTS:Grubb & EllisCommercial Florida, 3030 N. Rocky Point Drive W., Tampa, FL 33609, www.commercialfl.com Nat Barganier 813-639-1111 ext. 205; Jeffrey Sweeney, SIOR 407-481-5387
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