New wave of commercial foreclosures looms

New wave of commercial foreclosures looms

Banks have foreclosed on more than 400,000 square feet of office space, more than 400 hotel rooms, more than 1,250 condominum units, more than 100,000 square feet of warehouse space and more than 150 acres of raw commercial land in Sarasota and Manatee counties since November.

This is prime commercial real estate that about 80 investors bought and developed during the real estate boom with loans totaling nearly $300 million.

With those investors unable to make interest payments, the properties will soon be taken over by banks — a prospect that few in the financial community look forward to.