OWENS REALTY SERVICES APPOINTED RECEIVER AND MANAGER FOR A 765,000 SQFT "CLASS A" OFFICE PARK IN JACKSONVILLE

Jacksonville, FL – [July 23, 2024] – Bob Owens of Owens Realty Services has been appointed receiver and manager for seven buildings totaling 765,000 square feet of “Class A” office in South Jacksonville.

Bob Owens, President and CEO, commented on the current market trends and the increasing number of foreclosures in the commercial office sector. "The commercial real estate market is undergoing significant stress, particularly in the office sector. Many companies are downsizing or transitioning to remote work models, leading to higher vacancy rates and financial strain on property owners. As a result, we anticipate an increase in foreclosure activities similar to what we're seeing in South Jacksonville. Owens Realty Services is committed to managing these properties effectively and working towards stabilizing the market during these challenging times."

Owens Realty Services has gained significant experience with receivership work during the market crash of the 1990s, successfully navigating the complex landscape of distressed properties and financial turmoil. The company's extensive background in handling receiverships has equipped it with the necessary skills and insights to manage such challenges adeptly. "Our experience owning and managing commercial properties allows us to bring a nuanced and informed approach to stabilizing assets," Owens noted. "This is critical not just for the maintenance and value retention of the properties, but also for optimizing performance and creating value for all stakeholders during these uncertain times."

Selecting the right receiver is crucial in foreclosure situations, as the receiver's role involves managing and preserving the value of distressed properties. Owens Realty Services understands the importance of a meticulous approach to receivership, ensuring that properties are not only maintained but also positioned for future success. Their strategic enhancements and commitment to quality during previous economic downturns have proven effective in increasing property values and minimizing losses. "A competent receiver can mean the difference between a property's decline and its revitalization," Owens emphasized. "Our comprehensive asset management approach is designed to support borrowers through these challenges, stabilize the market, and deliver exceptional outcomes."

The appointment of Owens Realty Services as the receiver was made official in May 2024. The company will oversee the management and operation of this portfolio to ensure their maintenance and value retention during the foreclosure process. With a proven track record and a strategic vision for navigating market stresses, Owens Realty Services is well-positioned to manage these properties and support the broader real estate market during these challenging times.

Contact: Palmer Vietor, Vice President, Owens Realty Services     Phone: 240.506.2627 Email: pvietor@owensrealtyservices.com