The Bottom Line:
As State Court Receiver of a vacant grocery store in Portland, Oregon during the COVID-19 pandemic, we improved the secured lender’s recovery by more than 100% by leasing the property and then selling it in a competitive process.
Our key actions resulting in the successful recovery included:
- Took possession of a vacant grocery store.
- Listed the property with a leasing broker and negotiated a 10-year lease with a national hardware store.
- Monitored completion of the hardware store’s tenant improvements.
- Maintained the property, including supervising the $400,000 rebuilding its HVAC system.
- Listed and coordinated the sale of the property, maximizing recovery for the lender. Managed multiple bids from buyers and selected the best buyer/bid based on proof of funds, surety of close and price.
- Successfully obtained Title Insurance, which is complex in receivership sales.
- Obtained court approval to release the sale proceeds to the lender at close of escrow, before the final accounting was complete.