Palm Valley Office Park

Receiver to Class A Office Building

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  • Case Name

    -

  • Court

    Maricopa County Superior Court

  • Engagement Type

    Real Estate Receivership

85,000 square foot Class A office building in Goodyear, AZ.

Situation

Appointed as a Receiver on a $15M loan for a 85,000 square foot Class A office building in Goodyear, AZ. Resolute acted as both the Receiver and Property Manager for the asset.

 

Strategy

During the 6-month appointment Resolute quickly asserted control to correct obvious deficiencies with the management and operation of the property. Resolute’s relationship-based management style assured current tenants about the provision of a consistent level of service and the positive path for the property moving forward. Our team quickly worked to address delinquent balances, outstanding maintenance issues and provide strategic direction to leasing team. The direct result of these actions was the stabilization of what was a rapid decreasing rent roll and presentation of 6 new leases for an overall increase of 25% in occupancy.

 

Solution

Resolute successfully stabilized the operation and rent roll for this highly neglected property. Superior leasing results were achieved through the articulation of a leasing plan to strategic selected brokerage firm whose focus was on this particular geography.