Medical Office Buildings
JBL Companies Special Assets Department was assigned the receivership responsibilities for a portfolio of 4 medical office buildings. The challenge was to maintain the asset and keep the major tenant contented while going through the transition.
The project consisted of 4 medical buildings containing condominium office units ranging in size from approximately 7,650 square feet to 13,340 square feet totaling 41,191 rentable square feet located in the east metro. All four buildings are 100% occupied, mainly by a large family medical services organization with locations throughout the metro area. The properties were constructed between 1963 & 1984.
The Special Assets Team worked with the lender and debtor to come to a deed in lieu process while keeping integrity to the property and tenants. The Team gained rapport with the tenants to pay appropriate operating and real estate tax costs and timely rental payments to enable a positive cash flow while having these tenants recognize a sale of the portfolio would be imminent.
The property has been turned back to the lender through a deed in lieu. JBL Companies managed and marketed the portfolio for sale at a maximum value.