Rents & Profits
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Rents & Profits
Chief Liquidating Officer in a failed bankruptcy plan of reorganization. The subject property was a strip mall in Las Vegas. We stabilized tenancies and acted as seller. The sale of the property was completed x months after being appointed and the net operating income of property was paid to the secured creditors.
Served as receiver in connection with a partnership dispute regarding a 90,000 square foot commercial building located in Yucca Valley, CA. Constructed complex tenant improvements and obtained Certificates of Occupancy. Increased occupancy and cash flow. Effectuated an apportionment of the property to the litigant partners.
Non-judicial foreclosure action on strip mall in Glendora. Enforced rent collections and stabilized property.
Non-judicial foreclosure action on several commercial buildings in Palmdale. Stabilized property and evicted non-paying tenants.
Class B grocery anchored strip mall in Yorba Linda. Replaced management and enforced terms of leases. Assisted with due diligence which resulted in sale of the property.
Judicial foreclosure action on five building 70,000 square foot multi-tenant office and retail complex in Rancho Mirage.
Judicial foreclosure action on mixed used apartment retail project in blighted area of Fresno. Tenants were living in total squalor and there were significant health and safety violations. Takeover required an armed property manager. Restored utilities and maintenance services. Began rehabilitation of property. Lender sold its position to a note buyer who assumed possession of the property and continued the rehabilitation started by the receiver.
Multi-tenant office building in Downey.
Served as receiver in a judicial foreclosure action on a $250 million loan. Collateral consisted of 11 apartment complexes in Santa Monica comprised of 611 units. Increased occupancy from 72% to 92%. Lender paid in full.
Class A office building, 85,000 rsf. Enforced leases, prosecuted unlawful detainer actions, dramatically raised rent collections from $4,000 per month to $80,000 per month in three months, assisted with new lender’s due diligence, plaintiff paid in full. Served as receiver twice!
Inner-city retail. Dirty. Rehabilitated building, resolved code enforcement problems re-wrote all leases, achieved 100% occupancy at higher rates. Note buyer (Plaintiff) made 100% profit on note purchase due to rehabilitation of property by receiver.
Koreatown retail. Cleaned up. Enforced rent and triple net collections. Renegotiated leases. Lender foreclosed, recovered full value of loan +. Highly adversarial.
Riverside retail, dark anchor, hazardous materials issues. Stabilized, lease termination negotiations. Reconciled three years of triple net expenses. Efforts lead to sale of property at full note value after foreclosure.
Class B office west side. Raised occupancy from 60% to 98%, raised rents 35%. Seismic and numerous other physical problems. Obtained letters of credit from new tenants for leasehold obligations; two of which were drawn upon later.
Brought in pro per motion to compel turn over of books and records and enforced Court’s orders.
Class B office. Settled eminent domain action, got engineering concessions to lessen impact of taking, increased cash proceeds from same.
Class B office building (vocational school). Successfully brought true ex parte motion without counsel second day as receiver which resulted in unexpected recovery of post default, pre-receiver rents ($350,000).
Suburban Class B office/retail. Stabilized leasing, managed after foreclosure, raised caliber of tenants, eliminated un-desirable uses, consolidated leased premises, sold for top dollar in excess of loan.
Extremely large 660,000 r.s.f. industrial engineering complex formerly occupied by aerospace giant. Successful negotiations of premises restoration issues led to large cash windfall to note holder.
Class “A”, 14-story Westside-Los Angeles office building of 289,000 rsf. Increased occupancy and raised rents during foreclosure process.