CBRE sets up receivership backstop business

CB Richard Ellis, the world’s largest commercial real estate firm, has set up a receivership business in anticipation of the wave of commercial real estate defaults many fear is ready to break over Florida and the rest of the country. Randy Buddemeyer, a managing director for the Florida division, said the company has a dozen active assignments now. Another 12 are awaiting approval by a judge. Tampa is among cities with the lowest recovery rates, meaning lenders are eating bigger losses when they sell foreclosed properties. The Tampa metro area’s recovery rate so far this year has been about 46 percent, according to a Real Capital Analytics report. The only city to fare worse was Detroit, which had a recovery rate of about 45 percent. [FAR]