It’s a sellers’ market for distressed commercial real estate and Taylor Burke, senior executive vice president and chief lending officer for the $2.62 billion Burke & Herbert Bank in Alexandria, VA, wants to move his inventory.
“I think this is a great time to buy distressed property, especially that which we are selling,” joked the Alexandria-based banker.
More seriously, though he says, the market is good for bad property right now.
"Banks should be cleaning out their inventory this spring," said Burke. "I want to sell all my stuff now and I suspect that my conferees are ready to unload their REO now, too. There is finally some demand in outlying areas where most of our problems are located. Not just income-producing any more - even lots are selling at last. Builders need inventory. There are a lot of troubled suburban strip centers and offices everywhere. There has been a sea change in demand.”
Read more...Distressed CRE: It’s a Seller’s Market - CoStar Group