ORLANDO - The nationwide economic downturn will result in an increase in commercial real estate foreclosures this year, one of the region’s top commercial property executives told a Tampa real estate summit recently.
Jeff Sweeney, SIOR, president of Grubb & EllisCommercial Florida, with offices in Tampa, Orlando and Melbourne, moderated a panel discussion at the Tampa Distressed Real Estate Summit.
The Tampa Distressed Real Estate Summit was sponsored by the Real Estate Communications Group.
“Commercial property owners are facing some of the same sorts of financial challenges that home owners have been facing and the result is a substantial increase in the volume of distressed properties throughout Florida,” Sweeney told the group.
“Property owners who are losing tenants or granting concessions in order to keep their buildings filled are having difficulty making payments on their commercial property loans, and that adds tremendous pressure to banks,” Sweeney said.
Sweeney’s panel focused on adding value to distressed assets.
Ray Hayhurst, an associate at Grubb & EllisCommercial Florida, and Don Lombardi, who heads Commercial Florida Advisors, an affiliate of Grubb & EllisCommercial Florida in Tampa, also moderated panel discussions on evaluating commercial properties and partially completed construction projects.
Sweeney predicts that Grubb & EllisCommercial Florida will see a 30 percent increase in 2010 distressed commercial property sales over 2009 levels, as a result of the economic downturn.
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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 40 brokers divided among its Orlando, Melbourne and Tampa offices to serve the entire mid-Florida marketplace.
About Grubb & Ellis: 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 Grubb & Ellis Realty Investors, 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), tenant-in-common (TIC) investments suitable for tax-deferred 1031 exchanges and other real estate investment funds. For more information, visit www.grubb-ellis.com.
CONTACT: Jeff Sweeney, SIOR 407-481-5387, 315 E. Robinson St. Suite 555, Orlando, FL 32801, www.commercialfl.com
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