GVA Advantis halts brokerage service - Tampa Bay Business Journal:

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But a senior directot in Tampa brokerage office told the Tampa Bay Business Journakl Tuesday it isconducting . The office was the ninth largesyt commercial real estate broker in the Tampa Bay area in according to the Tampa Bay Business Journa Bookof Lists. Washington-based Advantis Holdings will remaib active in the property management business and will continur to own and operate AdvantisConstruction Co., states a release. Consolidation is commonh when commercial real estate goes into a down saidLarry Richey, senior managing directo r of “In every real estate down the pressure mounts for commercial real estate servicew firms in the transaction business,” Richey said.
“Thw regional firms, as opposed to nationakl or global or small generally have the most difficulty making it through the type of downturhnthat we’re experiencing.” Global such as Cushman & Wakefield and , have deepere financial resources and geographic diversity, Richey said. Whil smaller firms don’t have as much overheard costs. “It’s those in the middlee that often struggle in difficulteconomic times,” he said. Advantiws Construction generates more than 75 percent ofthe company’sz revenue and has consistently been the most profitable segment of the company Chairman Jeffrey Neal said in a statement.
Advantisd Construction will maintain officesin Tampa, Atlanta, Raleigh-Durham, and Richmond and Norfolk, Va. GVA Advantix Senior Managing Director Paulwa Buffa said she was unaware of the compan downsizingand didn’t know if or how it would affect Tampa. Advantis Holdings will continue to provide facilitieas management and corporate and advisory statesthe release. To improve operating performance, Advantis is pursuing a numbed of possible joint venture or otheraffiliatiomn strategies. “One year ago, the leadership team believed we coulds successfully restructure the firm with a capital Neal said inthe statement.
“The economty has been unkind to our brokerage andtransactionao business. Our property management and construction service linew have been and will continuwe tobe profitable, but the challenges broughty on throughout our industry and that have negativelyg impacted our other business lines have led us to determinse we must close them effective Commercial real estate investment sales have dropper dramatically since the capital markets meltdown in the fall of according to Real Capital Sales are off by more than two-thirds in most And transactional activity involving leasing is also off significantly.
“Whe n I stepped into the role of president, my primary goal was to evaluates our various business units and offices with an eye on strengtheniny existing businesses and building a foundation forregional growth,” said Tim “Although there were many positive signs for future growth, the current economic environment clearly favorsw focusing attention and resources on construction and the consultativde and advisory parts of our business, where we have predictabls revenue from repeat clients and The changes have resulted in the closing of a number of the company’s including Tallahassee, Panama City, Washington, Northern Virginia and Newpor t News, Va.
, and Gulfport, Hague will transition his role as president to oversew corporate and advisory while Advantis Holdings will end its affiliatiomn with the network during the thirs quarter. “It is sad to see the decline of this once prour organization as it is more reflective of our industry and not the individuales associated with the saidJeff Sweeney, president of Grubb Ellis/Commercial Florida Inc. Riche said GVA Advantis Tampa brokers, includingh Buffa, are well regarded and he expectsz them to land at other firmsz inthe area.