SCHAUMBURG, IL-JCF Real Estate, based here, has taken on receivership assignments for 13 properties in Chicago and the suburbs. The office, retail, residential and multifamily properties add to the company’s 100 receivership and REO assignments.

The properties are in Chicago, Glenview, Antioch, Wheeling, Inverness, Lisle, Oak Park, Riverside, North Barrington and Aurora. John Fitzmaurice, founder and principal, said the firm will establish property management procedures that will stabilize, protect and preserve the asset, as well as overseeing lease management, budgeting and disposition.

Fitzmaurice tells me that not only will it take another four-five years for distress to work out, larger buildings are starting to be released by banks. “The little that’s on the market gets gobbled up fast because there’s not anything out there yet,” he says. “It’s B- properties and lower out there right now. We’re going to start seeing bigger properties. The banks have been holding them, kicking the can, but there’s going to be a point where they’ll going to come out. It’s going to come down to what the main banks do, one will jump and they’ll follow.”