Grubb & Ellis Commercial Florida's Jeff Sweeney Expects Rise in Commercial Foreclosures

TAMPA, Fla. --- 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 will tell a Tampa real estate summit Friday Feb. 12 at the Double Tree Hotel.

Jeff Sweeney, (top right photo) SIOR, president of Grubb & Ellis Commercial Florida, with offices in Tampa, Orlando and Melbourne, will moderate a panel discussion at the Tampa Distressed Real Estate Summit.

The Tampa Distressed Real Estate Summit is being 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 will tell 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,” according to Sweeney.

Sweeney’s panel will focus on adding value to distressed assets.

Ray Hayhurst, (bottom right photo) an associate at Grubb & Ellis Commercial Florida, and Don Lombardi, (middle left photo) who heads Commercial Florida Advisors, an affiliate of Grubb & Ellis Commercial Florida in Tampa, will also moderate panel discussions on evaluating commercial properties and partially completed construction projects.

Sweeney predicts that Grubb & Ellis Commercial Florida will see a 30 percent increase in 2010 distressed commercial property sales over 2009 levels, as a result of the economic downturn.

Contacts:

Jeff Sweeney, SIOR 407-481-5387, 315 E. Robinson St. Suite 555, Orlando, FL 32801http://www.commercialfl.com/
 Larry Vershel Communications, 407-644-4142,