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
Wednesday, February 10, 2010
Stirling Sotheby’s International Realty named exclusive sales and marketing agents for Custom Home Builder’s Keith Fields Mount Dora Estate Home
ORLANDO- Stirling Sotheby’s International Realty’s was recently named exclusive sales and marketing agents for a custom built estate home by Keith Fields with a two acre Lake Dora Home site at 3835 Lake Shore Drive in Mount Dora.
Janice McGeough, certified luxury home marketing specialist at Stirling Sotheby’s International Realty, said the 6,719 square foot estate home offers a total of 9,081 square feet under roof, with four bedrooms, six and one-half baths, a three car garage a separate guest cottage and a private boat/seaplane dock on Lake Dora.
The spectacular New England traditional home is priced at $2,950,000.
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For more information contact:
Janice McGeough, Stirling Sotheby's International Realty, 352-217-0465; jmcgeough@stirlingsir.com; Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com
About Stirling Sotheby’s International Realty:
Stirling Sotheby’s International Realty is affiliated with Sotheby’s International Realty, the largest luxury real estate brand in the world. Stirling Sotheby’s exclusive services include luxury residential, new homes, commercial, property management, in addition to supporting builders, developers, lenders, and asset managers. The company operates three performance centers which serve all of Central Florida.
Janice McGeough, certified luxury home marketing specialist at Stirling Sotheby’s International Realty, said the 6,719 square foot estate home offers a total of 9,081 square feet under roof, with four bedrooms, six and one-half baths, a three car garage a separate guest cottage and a private boat/seaplane dock on Lake Dora.
The spectacular New England traditional home is priced at $2,950,000.
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For more information contact:
Janice McGeough, Stirling Sotheby's International Realty, 352-217-0465; jmcgeough@stirlingsir.com; Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com
About Stirling Sotheby’s International Realty:
Stirling Sotheby’s International Realty is affiliated with Sotheby’s International Realty, the largest luxury real estate brand in the world. Stirling Sotheby’s exclusive services include luxury residential, new homes, commercial, property management, in addition to supporting builders, developers, lenders, and asset managers. The company operates three performance centers which serve all of Central Florida.
Mattamy Homes Starts Presales of 54 Town Homes Priced From the Low $100s at Cornerstone at Watermill in Argyle Forest Area
JACKSONVILLE - Mattamy Homes U.S. Group, the U.S. division of Canada’s largest home builder, has started presales of 54 town homes priced from the low $100s at Cornerstone at Watermill, located off Argyle Forest Blvd. at Oakleaf Village Parkway in Duval County.
Kerry Soltis, marketing manager for Mattamy Homes in the Jacksonville region, said new three-bedroom town homes at Cornerstone at Watermill range in size from 1,500 square feet of living space to 1,700 square feet with one and two-car garages.
Mattamy Homes has started construction of the first four new town homes at Cornerstone at Watermill.
Mattamy’s Cornerstone at Watermill sales center will open in March, Soltis said.
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For more information, contact:
Kerry Soltis, Marketing Manager, Mattamy Homes-Jacksonville 904-279-9502; Dennis Ginder, Division President Mattamy Homes-Jacksonville 904-279-9500
About Mattamy Homes: Mattamy Homes expanded into the U.S. in 2003 and has divisions in Jacksonville, Orlando, Charlotte, Phoenix and Minneapolis. The homebuilder is the largest and most active in Canada with annual revenues exceeding $1.3 billion. Visit www.mattamyhomes.com.
Kerry Soltis, marketing manager for Mattamy Homes in the Jacksonville region, said new three-bedroom town homes at Cornerstone at Watermill range in size from 1,500 square feet of living space to 1,700 square feet with one and two-car garages.
Mattamy Homes has started construction of the first four new town homes at Cornerstone at Watermill.
Mattamy’s Cornerstone at Watermill sales center will open in March, Soltis said.
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For more information, contact:
Kerry Soltis, Marketing Manager, Mattamy Homes-Jacksonville 904-279-9502; Dennis Ginder, Division President Mattamy Homes-Jacksonville 904-279-9500
About Mattamy Homes: Mattamy Homes expanded into the U.S. in 2003 and has divisions in Jacksonville, Orlando, Charlotte, Phoenix and Minneapolis. The homebuilder is the largest and most active in Canada with annual revenues exceeding $1.3 billion. Visit www.mattamyhomes.com.
Cuhaci & Peterson Architects Awarded Contract to Design 3,000 Square Foot Tenant Interior Improvements at Orlando Gateway
ORLANDO - Cuhaci & Peterson Architects in Orlando was recently awarded a contract to design 3,000 square feet of interior tenant improvements at Orlando Gateway, the $500 million mixed-use development underway at Semoran Blvd. and the Beachline Expressway near Orlando International Airport.
Lonnie Peterson, chairman of Cuhaci & Peterson Architects, LLC said the firm recently completed design work for a 25,000 square foot retail center fronting on Semoran Blvd. in the first phase of the Orlando Gateway project.
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For more information, contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100; Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100
Lonnie Peterson, chairman of Cuhaci & Peterson Architects, LLC said the firm recently completed design work for a 25,000 square foot retail center fronting on Semoran Blvd. in the first phase of the Orlando Gateway project.
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For more information, contact:
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100; Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100
Luxury Waterfront Homes Selling at Bargain Prices in Space Coast Region
COCOA- Luxury waterfront homes, although still in high demand, are selling at bargain prices in the Space Coast region, according to two of the area’s most successful realtors.
Jack Jeffcoat and Kyle Hogan of Stirling Sotheby’s International Realty’s Coastal Lifestyles Group, which specializes in luxury homes in the Space Coast region, said one recent sale previously offered at $1.9 million closed for little more than half its offering price at $1,015,000.
“Luxury home owners are highly motivated to sell and pricing and terms are very flexible,” said Jeffcoat.
“This is a buyer’s market, especially in the million dollars plus range, and some fantastic waterfront estate homes are on the market at prices we won’t see again in our lifetimes,” he said.
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For more information contact:
Jack C. Jeffcoat, III, Coastal Lifestyle Group, Stirling Sotheby’s International Realty, 321-536-1461, jjeffcoat@stirlingsir.com; Kyle Hogan, Coastal Lifestyle Group, Stirling Sotheby’s International Realty, 321-536-1461; Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-588-1260
Jack Jeffcoat and Kyle Hogan of Stirling Sotheby’s International Realty’s Coastal Lifestyles Group, which specializes in luxury homes in the Space Coast region, said one recent sale previously offered at $1.9 million closed for little more than half its offering price at $1,015,000.
“Luxury home owners are highly motivated to sell and pricing and terms are very flexible,” said Jeffcoat.
“This is a buyer’s market, especially in the million dollars plus range, and some fantastic waterfront estate homes are on the market at prices we won’t see again in our lifetimes,” he said.
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For more information contact:
Jack C. Jeffcoat, III, Coastal Lifestyle Group, Stirling Sotheby’s International Realty, 321-536-1461, jjeffcoat@stirlingsir.com; Kyle Hogan, Coastal Lifestyle Group, Stirling Sotheby’s International Realty, 321-536-1461; Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-588-1260
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