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 the court-appointed receiver and property manager of this 157,000 SF shopping center, we secured the purchase option from a notoriously difficult adjacent landowner 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 qualified bid from failed sales 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

Somerset, FoxwoodCLIENT: 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, Oak Park, IL

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

22333 Classic Court - commercial real estateCLIENT: SPECIAL SERVICER/BANK
The assignment involved receivership and property management of a vacant 10,000 SF office warehouse property (50% office) located in Lake Barrington, IL.

MANAGED & SOLD: Valparaiso Walk, Valparaiso, IN

Valparaiso WalkCLIENT: SPECIAL SERVICER
We acted as receiver, property manager and oversaw leasing for this 138,000 SF regional retail center anchored by Best Buy, Marshall’s, Bed Bath & Beyond, and Michael’s. CapRock increased occupancy at the property to 100% occupancy and it was sold to Inland Real Estate Corp. in December 2012 for $21.9 million – a 100% recovery of the outstanding debt amount.

MANAGED & SOLD: Wilmington on Drexel, Chicago, IL

Wilmington on Drexel, Chicago, ILCLIENT: SPECIAL SERVICER
We acted as receiver and manager for this low income, 122 unit vintage apartment building.  We implemented operational improvements and completed repairs to units in order to stabilize the property and ready it for sale.

 

 

MANAGED: Fountainbleu Court, Hazel Crest, IL

CLIENT: SPECIAL SERVICER
A Special Servicer client engaged us to take over the management and leasing for this 38,000 SF, 65% occupied retail strip center located in Hazel Crest, a southern suburb of Chicago and added tenants and improved the occupancy.

 

MANAGED & SOLD: Fox Valley Walk, Aurora, IL

CLIENT: CMBS SPECIAL SERVICER
As receiver and property manager for this 15,500 SF Multi-tenant retail outlot, we increased occupancy of this center from just over 50% to 80%.

SOLD: 1600 S Wabash, Chicago, IL

CLIENT: BANK
Within 60 days of listing, we were able to sell this foreclosed commercial condo in the South Loop of Chicago at an attractive price for the client.

 

 

SOLD: 6622 S Stony Island, Chicago, IL

CLIENT: PRIVATE REAL ESTATE FUND 
We provided Receivership & Property Management for this 19-unit, vacant brick multifamily building located in Chicago’s Woodlawn neighborhood. We determined early on that the building was a major safety hazard to its tenants that could not be easily rectified so we vacated and boarded up of the building.  After foreclosure, the building was sold to a local investor.

MANAGED & SOLD: 1003 N Ashland, Chicago, IL

1003 N Ashland chicago commercial property managementCLIENT: PRIVATE REAL ESTATE FUND 
During the forecosure, we acted as Receiver and Property Manager for this mixed-use commercial/residential building located in Chicago’s Noble Square neighborhood.  During our tenure, we were able to maintain the residential occupancy at 100% and complete a long term lease securing the restaurant tenant.

SOLD: Site Of Former New City YMCA, Chicago, IL

CLIENT: PRIVATE REAL ESTATE FUND
A brief receivership by RE|SOLUTIONS of this well-known Chicago site concluded with the developer paying off its loan of $39 million to the lender and relaunching its plans for a commercial and residential complex.  Structured Development, LLC, with an investment from John Bucksbaum, former chairman of General Growth Properties, Inc., and a new loan from JP Morgan Chase Bank, plans to start construction in late 2012 on 370,000 SF of retail space plus 280 apartments on this 8.2 acre piece of land that sits at the intersection of Clybourn and Halsted Avenues.

SOLD: 20 S Roselle at Town Square, Schaumburg, IL

CLIENT: PRIVATE REAL ESTATE FUND
We successfully marketed and sold this property after assisting the seller in the selection of a qualified buyer from a pool of potential buyers. 

  

MANAGED & SOLD: Columbia Apartments, Chicago, IL

Columbia ApartmentsCLIENT: CMBS SPECIAL SERVICER
As Receiver and Property Manager for Columbia Apartments, an apartment building in the northern Chicago neighborhood of Rogers Park, we addressed deferred maintenance items, improved the occupancy and prepared it for sale.