Focus Management Group

Real Estate Industry Experience

Holding Company for 40 Gas Stations

Service:

Receivership

Company:

The Company acted as a holding company for approximately 40 gas stations in the mid-Atlantic US.

Situation:

The Company defaulted on loan payments to its lender, and was preparing to file for Ch 7 Bankruptcy protection. The lender became increasingly concerned that the value of its collateral was being eroded by the borrower and sought the protection of a receiver.

Focus Scope:

A Focus professional was appointed as receiver of 13 properties totaling approximately 100,000 square feet of C-Store and other retail rental space.

Tasks Performed:

Acting as receiver, the Focus professional was charged with securing the assets, collecting rents, and addressing environmental and regulatory issues in preparation for the ultimate auction of the sites.

  • The Focus professional conducted multiple site visits to evaluate the properties and to meet with tenants.
  • Expired leases were brought current, existing tenants were maintained and new tenants were found for vacant spaces, generating over $60,000 in additional revenues to the receivership.
  • Focus worked with state environmental agencies to address and correct regulatory violations at the majority of the sites.
  • Lapses in insurance were also identified and corrected.

Results:

  • All of the sites were eventually auctioned off generating returns that exceeded lender expectations.
  • Focus involvement in maintaining existing tenants and identifying new ones for vacant spaces resulted in no additional out of pocket expenses for the lender during the receivership.
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