NATURE OF ASSIGNMENT:
Primary: Lender Services / Receivership
Primary Industry: Real Estate & Construction
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. Upon appointment as Receiver, Focus Professionals immediately performed the following:
Tasks Performed:
- 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.