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Commercial Real Estate
Villa Grande at Sarasota, seen here in an aerial picture, is planned as 108 senior-rental apartments spread over three buildings in a gated community. Altamonte Springs-based LeCesse Development is behind the $9.5 million project. The lead construction firm is Core Construction.
Villa Grande at Sarasota, seen here in an aerial picture, is planned as 108 senior-rental apartments spread over three buildings in a gated community. Altamonte Springs-based LeCesse Development is behind the $9.5 million project. The lead construction firm is Core Construction.

Return of Retirees

The battered Gulf Coast construction industry has found a potential sliver of hope from an old Florida industry.

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Bruce Erhardt, a land broker with Cushman & Wakefield in Tampa, expects banks to start selling land they’ve foreclosed on during the bust. The wide bid-ask spread between sellers and buyers today will eventually narrow, he says. Photo by Mark Wemple.

Land Bust

This is the state of the Gulf Coast land market: Buyers aren’t buying and sellers aren’t selling. But that may be about to change as banks start unloading large tracts of distressed property.

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Mark Chait, director of Florida leasing for Benderson Development, says the first six months of 2010 have been some of the company’s most active leasing months since the onset of the recession. Photo by Mark Wemple.

‘Dig Deeper’

One of the largest retail landlords in the country, Benderson Development, sees some economic recovery signs in parts of the Gulf Coast. Others in the beat-down industry hope the trend grows.

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Bryan Lauer and Calvin Buikema with CLW Real Estate Services Group in Tampa supervised efforts to seek LEED silver certification for the 100 North Tampa office tower. Owners of existing office buildings are now pursuing green status to meet tenant demand. Photo by Mark Wemple.

Green makes green

Existing office buildings are now pursuing LEED certification. Managers say tenants demand it, but cost savings also motivate those efforts. The economics may be working.

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The Federal Deposit Insurance Corp. only has one commercial building for sale in Fort Myers listed on its Web site. The empty building at 3660 Fowler St. was once home to Kaotic Paint & Body Inc. and its neighbor is the Escapades Gentlemen’s Club. It’s listed for sale by Woodyard & Associates for about $50 a square foot. Photo by JimJett.com.

Where’s the flood?

Investors raised billions of dollars in anticipation of a flood of distressed commercial real estate for sale at deep discounts. It hasn’t happened — yet.

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The property management business has held up better than sales and leasing for many commercial real estate brokerage firms over the past year. Kimberly Lamb, senior executive vice president with Colliers Arnold, says lenders taking back distressed properties will be a source of new business for the firm’s property management division.

Management Stars

Property management companies are lining up to help banks and other lenders manage distressed commercial real estate. It’s one of the few bright spots in an industry decimated by the recession.

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JimJett.com Lee Arnold, chairman of Arnold Cos., left, and Anthony Martin, vice president with Wachovia, share a light moment during an otherwise grim outlook for commercial real estate owners at a CCIM conference in Bonita Springs.

Owners in distress

Commercial real estate defaults are increasing and brokers and bankers are preparing for a growing number of foreclosures on office buildings, shopping centers and warehouses. Bankers have been slow to take back property.

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