RE|SOLUTIONS Begins Receivership of the Glen Town Center

(December 17, 2012) In connection with a $55.6 million foreclosure suit, S.L. van der Zanden of RE|SOLUTIONS has been appointed the receiver of the Glen Town Center.  The developer, a venture of San Diego–based OliverMcMillan, has consented to its receivership appointment on the project’s 267,000 square feet.  According to a loan report from Bloomberg L.P., the retail property securing the loan has not generated enough cash flow to cover the debt service since 2009.

The Glen Town Center is the centerpiece of The Glen, a twelve-hundred acre master-planned community on the site of the former Glenview Naval Air Station and its historic Hanger One.  The Glen Town Center features pedestrian-friendly parkways and sidewalks connecting residents to the 1,150,000 square feet of retail shops, entertainment venues and residential dwellings.

RE|SOLUTIONS Appointed Receiver of site of former New City YMCA

(Crain’s, September 22, 2011) - Receiver named for former New City Y site – Resolutions, a Chicago-based real estate firm, said it has been appointed the receiver for the site of the former New City YMCA on the near North Side. A joint venture between Chicago-based Structured Development LLC and Wilton, Conn.-based Commonfund had planned a mixed-use project with 490 apartments and about 450,000 square feet of retail space but got hit last year with a foreclosure suit on the site at the corner of Clybourn Avenue and Halsted Street. Structured is working to pay off the loan and bring in new partners, including former General Growth Properties Inc. CEO John Bucksbaum, to replace Commonfund but has yet to finalize a deal. A Structured executive was not immediately available Thursday.

RE|SOLUTIONS completes 60,000 sf lease for Gordmans at retail center in O’Fallon, Missouri

RE|SOLUTIONS successfully completed a lease renewal for a 60,000 sf Gordmans, the anchor department store tenant at the O’Fallon Walk shopping center.  In its role as court-appointed receiver and property manager for the troubled O’Fallon, Missouri community shopping center, RE|SOLUTIONS  was able to a stem the tide tenant departures.  Based out of Omaha, Gordmans currently operates 73 department stores across 16 states stretching from Colorado to Tennessee. 

RE|SOLUTIONS completes Receiver Sale of Akron industrial building in only 16 days

While acting as Receiver/Property Manager during the foreclosure process of the Kennedy Business Center, a 170,000 sf industrial building located in Akron, Ohio, we collected offers from credible buyers, identified and recommended the highest and best offer and completed the Receiver Sale in only 16 days. 

RE|SOLUTIONS assumes management of Glenlake Professional Center

(Crain’s, September 22, 2011) – Glenview medical office heads back to lender  A receiver says the owner of a five-story Glenview medical office building has arranged a deed-in-lieu of foreclosure with its lender after being hit with a foreclosure suit over a $10.6-million loan. RE Solutions has been appointed receiver of Glenlake Professional Offices, an 83,908-square-foot building two blocks from Glenbrook Hospital. The building, 3633 W. Lake Ave., is 73% occupied, down from 93% just five years ago, according to a loan report from Bloomberg L.P. A venture led by Marc A. Harris, president of Chicago-based Summit Real Estate Investments Inc., paid $13.1 million for the property in 2006 and financed the purchase with a loan from UBS A.G. that was later sold to investors in a commercial mortgage-backed securities offering. Mr. Harris’ venture was hit with a foreclosure suit in May.

RE|SOLUTIONS appointed for Evergreeen Plaza

(Crain’s, August 25, 2011) – Receiver appointed for foreclosed Evergreen Plaza  Chicago-based RE Solutions EMR LLC has been named the court-appointed receiver for the south suburban Evergreen Plaza shopping center, which was hit with a foreclosure suit last month. The 800,000-square-foot mall is 57% leased and anchored by Carson Pirie Scott & Co., according to a release. A $20-million loan on the property is also for sale; bids were due last Friday, said RE Solutions Principal S. L. Van der Zanden. “We’re waiting for that to come to conclusion,” he said. “In 30 days we’ll have some clear direction on what’s going to happen.”

S.L. van der Zanden and RE|SOLUTIONS appointed receiver for a northwest Chicago suburban apartment portfolio

RE|SOLUTIONS was named receiver on this 228 unit apartment portfolio located in Rockford and Belvidere, Illinois.

S.L. van der Zanden and RE|SOLUTIONS appointed receiver for IBT Walk Retail Portfolio

RE|SOLUTIONS was named receiver on 3 shopping centers totaling 300,000 square feet across three different states. The three centers are located in Valparaiso, Indiana, Aurora, IL and O’Fallon, MO and are occupied by a number of major regional and national tenants.

S.L. van der Zanden and RE|SOLUTIONS selected as receiver of 223 W. Erie in Chicago

S.L. van der Zanden has been selected to provide receivership and management services for this loft office building located in the River North neighborhood of Chicago.

RE|SOLUTIONS forms property management alliance with Hines

RE|SOLUTIONS has formed an alliance with Hines—one of the country’s premier developers and managers of office properties nationwide—in order to expand our breadth and depth of management services. Properties managed by Hines outperform their competition time again, with a better caliber tenant, higher rents, and extraordinarily high retention rates—factors which allow Hines to consistently achieve high sale prices for assets they manage.

Together, we approach property and facility management from an owner’s perspective, delivering unparalleled service, asset management, and the reduction of real estate investment risk.