Newly Appointed Receiver for Air Retail Center
Originally due to a monetary default and subsequently due to a Chapter 11 bankruptcy filing, the CMBS special servicer sought to replace the prior receiver for a 42,000 square-foot open air retail center in Durango, Colorado. The HRE team of receivership and fiduciary services specialists, was awarded the assignment and oversaw all aspects of the receivership, including managing the property, driving leasing activity for both renewals and new leases as well as stabilizing the asset.
Following the lender’s foreclosure of the asset and dismissal of their receivership, the team was retained as an agent to the property manager to continue to manage, maintain and lease the asset on their behalf. Occupancy upon appointment was 54% and following dismissal was leased up to 78%.
- $10+ Billion in Savings Generated
- 80,000+ Lease Negotiations
- $1+ Billion in Investments
- 60+ Experts Providing Unparalleled Depth & Experience
