SOLD: MEDICAL MUTUAL HEADQUARTERS IN DOWNTOWN CLEVELAND FOR $37.9 MILLION

Medical Mutual Headquarters - commercial property managementCLIENT: SPECIAL SERVICER

As advisor to a special servicer on a defaulted CMBS loan, we arranged the sale of the 381,000 square foot historic Rose Building to its current tenant, Medical Mutual of Ohio for $37.9 million. Our initial role was to negotiate a “blend and extend” of the absolute triple net lease with Medical Mutual – to extend the term with less than four years remaining to at least 11 years. Over the course of nearly a year, and despite many stops and starts, a deal was struck in June 2017 at the final purchase price. The sale price was about $10 million less than what BentleyForbes paid in 2000, but still a notably high number for an older downtown building, based on the prices that other, comparable properties have sold for.

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MANAGED: O’FALLON WALK, O’FALLON, MO

CLIENT: SPECIAL SERVICER
As court receiver and of this 157,000 SF shopping center, we the purchase from a notoriously difficult adjacent land owner to acquire a property blocking the view and access to the substantially vacant portion (45%) of the center. With the option in hand, we were able to attract two new large users to backfill the vacancy and the Property subsequently sold for 66% more than the highest from failed attempt two years prior.

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SOLD: 605 N. Hickory, South Bend, IN (Former Steve & Barry’s)

CLIENT: BANK
We sold this 120,000 SF retail property to an investor from Florida that is converting it to self storage. A rezoning was required to allow the new use and the deal was consequently structured by us to keep the seller comfortable while the buyer went through the rezoning process.

MANAGED: GLEN TOWN CENTER, GLENVIEW, IL

CLIENT: SPECIAL SERVICER
We took over the Glen Town Center as receiver and property manager and were quickly able to inject the 267,000 SF multi-tenant lifestyle retail center with positive energy and new leasing resulting in an increase in occupancy from 84% to 90%. Our activity facilitated a successful sale of the property in the Summer of 2014.

MANAGED: SOMERSET, FOXWOOD, COURTYARD & CONKLIN APARTMENTS, ROCKFORD & BELVIDERE, IL

CLIENT: SPECIAL SERVICER
Selected as receiver for this 4 property, 228 apartment unit portfolio in Rockford and Belvidere, Illinois. As property manager, our assignment also included securing against criminal elements in the area, administering subsidy programs, and completion of capital improvement projects.

MANAGED: 2070 MAPLE STREET, DES PLAINES, IL

CLIENT: SPECIAL SERVICER
After managing the property for three years, we vacated the property so that it could be sold to an investor for redevelopment.

 

 

 

MANAGED: BLUFF PROFESSIONAL CENTER, CLINTON, IA

CLIENT: SPECIAL SERVICER
We managed this 29,000 SF multi-tenant medical office building (73% occupied) for a special servicer and readied it for sale.

 

Managed & Sold: 224 N Des Plaines, Chicago, IL

CLIENT: SPECIAL SERVICER
In fall of 2012, we took over as receiver and property manager of this 80,000 SF multi-tenant loft office building in Chicago’s West Loop. In the first quarter of 2013, we completed a receiver sale of the building which resulted in a 95.5% recovery of the debt for our client.

 

 

SOLD: SALE NON-PERFORMING LOAN ON GAS STATION IN OAK PARK

CLIENT: BANK
We completed the sale of a non-performing loan secured by a high volume gas station located in Oak Park, IL.

 

Managed: 22333 Classic Court, Lake Barrington, IL

CLIENT: SPECIAL SERVICER/BANK
The assignment involved receivership and property management of a vacant 10,000 SF offfice warehouse property (50% office) located in Lake Barrington, IL.