Gellerstedt sees opportunity in recession - Washington Business Journal:

ogyhejowy.wordpress.com
"We're beginning to see banks slowly acknowledgew their real estate problems and pushthesew through," Gellerstedt said Friday. "You may see some [trade] as low as 20 centw on the dollar... This is going to be a slow but it is also going to presentunprecedentede opportunities." Gellerstedt, a graduate, was speaking at the Atlantaq chapter's UNC Kenan-Flagler Business School Alumnio breakfast. The event, held at 'as 3344 Peachtree tower, drew about 90 people.
who is replacing the retirinfTom Bell, said investors are putting their money behinrd real estate investment trusts so the development companies have the capitalk to buy distressed assets, notiny that REITS have raised about $13 billion in the stocj market this year. "They're not interestedx in earnings. They want liquidity for the nextthrer years," he said. "They want us to have the powertto purchase." Cousins (NYSE: CUZ) will not face any serious debt maturities until 2012, he said.
Its relativelyg healthy liquidity could putthe Atlanta-based developer in a stronbg position as other prominent real estate companies try to pull themselvees out from under mountains of debt -- a problemk created primarily by the easy access to credit in recentf years, buying assets at the top of the market and the subsequenyt crash in property values. But Cousins hasn't made it througn the market unscathed.
It has struggleds to sell high-end condos in Buckhead, where its 32-story 10 Terminus Place was one of 35 condominiuj projects in an area of the city knowmn for expensive homes and luxury Ten Terminus, completed in 2008, has 137 The market is affecting high-end units at other projects, includinvg John Williams' The Mansion on Peachtree and Regent Sovereign at 3344 Peachtree. "There’s just no market for Gellerstedt said. Cousins is also tryinf to fillits 25-story Terminus 200 office building, which has one mobile banking technology firm . Firethorn is leasingb two floors. Three other buildings still undef construction in Buckhead haveno tenants.
Gellerstedt said, offers an examples of "the runaway credit markets." In the months followinh the spate of bank failures thatclaimed , the markets shut "Now," Gellerstedt said, "I see some of that fear and panic