Industrial Rental Building Complex
Industry:Real Estate & Construction
Company:Industrial Rental Building Complex
The complex was not performing due to increased vacancy resulting from the general economic conditions in the immediate market area.
Focus Management Group was appointed as Court-Appointed Receiver to a 100,000 sq. ft. office warehouse facility.
Upon appointment as Receiver, Focus Professionals immediately performed the following:
- Undertook possession of the assets and operating accounts
- Formulated a 12-month operating budget
- Appropriated and notified all remaining tenants of the project status and began collecting rents from those tenants in an orderly fashion
- Appropriately handled unpaid operating expenses
- Managed and maintained detailed monthly reports which were filed with the Court
- Coordinated with local real estate agents in seeking additional tenants to lease the vacant space
- Focus Professionals successfully operated the project for approximately six months while the lender proceeded with foreclosure activities.
- The lender successfully foreclosed on the asset.
- Focus Professionals provided an important bridge to the bank’s REO staff in turning over the account and all associated bank accounts with the project.