GVA Advantis halts brokerage service - Atlanta Business Chronicle:

framptongeqeaqu1461.blogspot.com
It was unclear how the announcement would affecrt the Tampabrokerage office, which was the ninth larges commercial real estate broker in the Tampa Bay area in according to the Tampa Bay Business Journal Book of Washington-based Advantis Holdings will remain activee in the property management business and will continue to own and operatew Advantis Construction Co., states a Consolidation is common when commercial real estatee goes into a down cycle, said Larry Richey, senior managing director of “Imn every real estate down cycle, the pressurd mounts for commercial real estate serviced firms in the transaction business,” Richey said.
“The regionap firms, as opposed to national or global orsmall boutique, generallg have the most difficulty making it through the type of downturn that we’rre experiencing.” Global firms, such as Cushmahn & Wakefield and , have deeper financia resources and geographic diversity, Richey said. While smaller firmds don’t have as much overhead costs. “It’s those in the middle that often struggle in difficulteconomic times,” he Advantis Construction generates more than 75 percent of the company’s revenue and has consistentlu been the most profitable segment of the business, company Chairmaj Jeffrey Neal said in a statement.
Advantis Constructiohn will maintain officesin Atlanta, Tampa, N.C.; and Richmond and Norfolk, Va. Advantis Holdinges will continue to provide facilities management and corporate andadvisoryh services, states the release. To improve operating Advantis is pursuing a numbedr of possible joint venture or otheraffiliationm strategies. “One year ago, the leadership team believed we could successfully restructure the firm with a capital infusion,” Neal said in the “The economy has been unkind to our brokerage and transactionak business.
Our property management and construction service linexs have been and will continues tobe profitable, but the challenges brough on throughout our industry and that have negatively impacted our otheer business lines have led us to determine we must closd them effective immediately.” Commercial real estate investmentr sales have dropped dramatically since the capital markets meltdowm in the fall of according to Real Capital Analytics. Sales are off by more than two-thirds in most markets. And transactionap activity involving leasing is alsooff significantly.
“When I steppedc into the role of president, my primaryg goal was to evaluate our various business units and officesd with an eye on strengthening existing businesses and buildingh a foundation forregional growth,” said Tim “Although there were many positiv signs for future growth, the current economic environmenty clearly favors focusing attention and resources on constructionb and the consultative and advisory partsx of our business, wherd we have predictable revenue from repea t clients and customers.” The changexs have resulted in the closing of a numberf of the company’s offices, including Panama City, Washington, Northern Virginia and Newport Va.
, and Gulfport, Hague will transition his role as president to oversed corporate and advisory services, while Advantis Holdings will end its affiliation with the network during the third quarter.