For Immediate Release
December 7, 2020
Naples, Florida – In anticipation of growing needs related to distressed commercial properties impacted by COVID-19, Valbridge Property Advisors announces a new collaboration with NAI Global, a global commercial real estate brokerage firm that completes more than $20 billion in commercial real estate transactions yearly. The collaboration between Valbridge Property Advisors and NAI Global will help clients find solutions for a multitude of distressed property scenarios including leasing vacant properties, finding new management solutions or marketing commercial properties.
Valbridge Property Advisors provides expertise in property valuations based on the current economic climate and up-to-date data across the U.S. market. “Valuation is typically the first step in every commercial transaction process. Our ability to provide national coverage with local expertise makes our suite of services the perfect complement to NAI, particularly as more of these properties start to flood the market,” said Karl Finkelstein, VP of Marketing and Business Development for Valbridge Property Advisors. “With the current state of the world and such unprecedented times, our team remains dedicated to valuing commercial properties that have recently been vacated, foreclosed or are otherwise under financial stress, ready and waiting for new tenants or owners, or possible repositioning. We perceive that our services will complement the work being done by NAI Global and will further help to get new and credible tenants into spaces that have been sitting vacant and continue to do so as the pandemic persists,” Finkelstein said.
According to NAI Global, the situation is most dire for hotels and resorts, retail properties and retail-weighted mixed-use properties, though office properties are likely to be negatively affected in this cycle and part of the wave. “It’s just a question of how bad is it going to be,” says NAI Global President & CEO Jay Olshonsky, FRICS, SIOR, CCIM. Olshonsky expects commercial real estate foreclosures to be far worse than what happened during and after the 2007-2009 recession, when properties backing tens of billions of dollars in commercial mortgages were foreclosed.
The Valbridge Property Advisors team will focus on their core business of commercial property valuations, a critical first step in distressed property transactions, while NAI Global will concentrate on dispositions, management and marketing properties for lease or for sale.