Fameco Starts Distressed Retail Service

PLYMOUTH MEETING, PA-Fameco Real Estate formed an arm called the Fameco Distressed Asset Group to provide services to owners of distressed retail assets. The firm, which also represents retailers throughout the region, will try to connect tenants with some of those owners, Jonathan Rome, Fameco’s general counsel who is heading up the effort, told GlobeSt.com.

Fameco will mainly assist owners in Pennsylvania, New Jersey, Delaware and northern Maryland, but could go outside of those states. Most distressed properties in the immediate area are centers that made sense when they were built and “probably will make sense” in later years but are facing valuation problems, Rome said.

But he admits that the distressed picture in the Mid-Atlantic region isn’t anywhere close to what some owners are facing in western states. “We didn’t have the 10,000 acres of desert that banks were lending money on,” he said.