ORLANDO - Florida’s commercial real estate industry isn’t going to see much improvement until billions of dollars worth of distressed assets are disposed of, says one distressed properties specialist.
Jeff Sweeney, SIOR, president of Grubb & EllisCommercial Florida with offices in Orlando, Tampa and Melbourne, spoke at a luncheon recently hosted by the Central Florida chapter of Commercial Real Estate Women (CREW).
“There are billions and billions of dollars worth of assets that constitute bad loans in Florida, and until we cut away the dead wood, the market is going to be effected,” Sweeney said.
Sweeney plans to make the same comments on March 23 when he addresses the Central Florida Regional Council.
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 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.
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