Grubb & Ellis Commercial Florida Negotiates REO Sale of Three Treasure Island Condos in Tampa, FL Market for $1.995M

TAMPA, FL - Grubb & Ellis Commercial Florida recently negotiated REO sales of three waterfront condominiums on Treasure Island for $1.995 million.

Jeff Sweeney, (middle right photo)  SIOR, president of Grubb & Ellis Commercial 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 (above centered photo)

Sweeney said Nat Barganier, (bottom left photo) executive director of the Grubb & Ellis Commercial 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 & Ellis Commercial Florida DPS Group was the Receiver.

“We formed the Grubb & Ellis Commercial 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,"  Sweeney says. "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 adds.

CONTACTS:

Grubb & Ellis Commercial 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
Larry Vershel Communications 407-644-4142