WORLD PROPERTY CHANNEL ®

Nat Bargainer

(TREASURE ISLAND, FL) -- Three 2,650-square-foot Treasure Island condominiums, once listed in the millions, have been sold for a total $1.995 million or $666,666 each, equating to about $755 per square foot.

The buyers are Tampa, FL area residents Axel and Kit Hoewt, Charles and Judy Gallagher and Coral L. Bowers. Treasure Island, with a permanent population of about 8,000, is considered part of the Tampa metropolitan statistical area.

Nat Barganier, 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.

Jeff Sweeney

Jeff Sweeney, president of Grubb & Ellis Commercial Florida, says 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.

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 says.

The group includes Grubb & Ellis professionals with numerous receiver, banking, development, management and real estate repositioning qualifications.

Boca Ciega Bay

"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."  Sweeney didn't identify the lender.

"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," Sweeney says.

"Nat has several excellent properties remaining to sell and we're still accepting distressed property assignments," Sweeney adds.

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