State Court Receiver of Vacant Retail Building in Portland

Strategic Plan, Interim Management, Brokerage, Asset Disposition

Vacant Retail Building

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.

Stapleton’s Solutions:

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.

View All Results