GVA Advantis halts brokerage service
Tampa Bay Business Journal reports: Thirteen months after announcing a recapitalization of GVA Advantis, the company said Monday it was being forced to discontinue real estate brokerage services immediately to survive the economic downturn.
It was unclear how the announcement would affect the Tampa brokerage office, which was the ninth largest commercial real estate broker in the Tampa Bay area in 2008, according to the Tampa Bay Business Journal Book of Lists.
Washington-based Advantis Holdings will remain active in the property management business and will continue to own and operate Advantis Construction Co., states a release.
Advantis Holdings will continue to provide facilities management and corporate and advisory services, states the release. To improve operating performance, Advantis is pursuing a number of possible joint venture or other affiliation strategies.
Commercial real estate investment sales have dropped dramatically since the capital markets meltdown in the fall of 2008, according to Real Capital Analytics. Sales are off by more than two-thirds in most markets.
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Posted by: Nina Turner