Commercial foreclosure rate triples this year
The Star Ledger reports: Commercial foreclosures soared in New Jersey in the second quarter, with lenders and loan servicers going to court to take back 413 income-producing properties - nearly three times the number of such filings during the same period last year.
About half of the state's commercial foreclosures in the second quarter came in June, according to records provided by the state judiciary.
The increasing commercial foreclosures is another sign of how the recession is rippling into commercial real estate, the sector that includes office buildings, shopping centers, industrial sites and apartments.
Nationwide, retail space is the biggest sector of concern, with more than $31 billion in property considered distressed, according to Real Capital Analytics, a New York-based commercial real estate analysis company. The group, which tracks properties worth $5 million and up, said it has its eye on 73 properties in New Jersey considered distressed that are worth a combined $3.3 billion.
One such property the company singled out was the Morristown Plaza office building in Morristown, two buildings it listed as being worth $18.8 million in November.
View the full article on The Star Ledger: Commercial foreclosure rate triples this year
Posted by: Nina Turner