(Carl Cronan is editor of RealEstate Florida.)

BOCA RATON, FL-Locally based Portfolio Property ManagementGlobal LLC has established a new group that aims to serve banks andother lenders with distressed, foreclosed and real estate ownedproperties. The new initiative, dubbed PPM-REO, is especiallygeared to local and regional institutions with properties worthbetween $15 million to $20 million in smaller markets in theSoutheast and Midwest, as well as California, Arizona andNevada.

Marsha Bass, president of PPM Global, says the company willoffer its usual slate of property due diligence and analysisservices, along with handling deferred maintenance issues that cancause value and tenant rolls to slip. She believes the need for theadded service will increase in 2009, with real estate value lossesestimated to grow into the hundreds of billions of dollars.