Challenges: After the property was vacated by a troubled auto supplier, we were appointed receiver for the property. Our goals included quickly leasing and stabilizing the property for disposition.
Solutions: After inspecting the property and preparing a plan of action we made the necessary reparations and upgrades to the property (part of a larger condo office project with some deferred maintenance). Shortly thereafter, we secured a lease with a large French automotive firm for the entire property.
Results: Shortly after securing the lease, we sold the property to an out-of-state investor at a price far in excess of the appraised value and the debt balance. We continue to manage the property for this investor and the tenant just renewed its lease for another five years in 2012.