Focus Management Group

Real Estate Industry Experience

Industrial Rental Building Complex

Service:

Receivership

Company:

Industrial Rental Building Complex

Situation:

The complex was not performing due to increased vacancy resulting from the general economic conditions in the immediate market area.

Focus Scope:

Focus Management Group was appointed as Court-Appointed Receiver to a 100,000 sq. ft. office warehouse facility.

Tasks Performed:

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

Results:

  • 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.
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