Class "A" Office Space: Orange County, CA
Confirm the competitive landscape for the subject property for vacancy, absorption, rent comps, sales comps, leasing concessions, competitive cluster, rent rollover risk and determine present “as-is” value and future stabilized value; projecting the anticipated date and costs for stabilization.
Review, abstract and mark to market the pending lease provided by the client for its present value and long term capitalization value to the subject property and make a recommendation for its modification or acceptance.
Office Campus: Los Angeles County, CA
Protect and preserve this vacant and vulnerable 102,000 square foot office campus providing security, over sight and property management services. Determine the assets current mark to market value including the cost to complete the damaged and vacant 65,000 s.f. building extensively damaged by water and vandalism including the renovation and repositioning of the other three buildings on the campus and to recommend a liquidation strategy.
Self Storage Facility: Los Angeles County, CA
Confirm the competitive landscape for the subject property for vacancy, absorption, rent comps, sales comps, rent concessions, competitive cluster and determine the property’s present “as-is” value. Review the lender’s information to determine its validity and provide a loan purchase recommendation supporting said recommendation. Our Team in its due diligence found 21,000 square feet of building improvements the lender was not aware of and the existing borrower was essentially hiding.
Self Storage Facility: Ventura County, CA
Perform the due diligence to determine the property’s ability to service the existing debt and provide justification if any for modification of the loan. Prepare to become the receiver on the asset to capture the true income. Our Team in its due diligence found that the management fee being charged against the property by the owner operator was nearly 10% of the gross income in a market and for a product type which would dictate an industry norm of 3% to 4% maximum. LNR has now taken over the loan.
Industrial Business Park: Orange County, CA
Perform pre-foreclosure due diligence to determine the property’s ability to service the existing debt, determine and present the competitive landscape for the asset and prepare for receivership, assignment of rents and property management. Our eam underwrote the property (92% of its in place rent roll expiring in 24 months and 62% of the rents in place over market). At the lender’s request completed a short sale with 32 competing offers and provided a 78% recovery for the lender; 36% above the “as-is” value of the real estate if it had gone to REO.