Resolute Commercial Services, an Arizona-based receivership and corporate renewal firm, has been appointed Receiver for High-Tech Institute, located at 1515 E. Indian School Road in Phoenix, 85015 Built in 1991, the property includes a 37,946-square-foot office building and a 946-square-foot utility building situated on a 2.59-acre site. The building was built as educational office building including a mix of administrative offices, classrooms, and laboratories (computer, medical and dental). Formerly operating as Anthem College, an online accredited Bryman University, High-Tech Institute closed its operations on August 29, 2014, due to a corporate restructure through a Chapter 11 bankruptcy filing.
Upon default of the loan and at the request of the bank, Resolute Commercial Services was appointed Receiver due to the company’s experience and expertise in this industry.
“Upon takeover, we determined that the property was in good condition, but the mechanical plant was in need of a variety of maintenance efforts,” according to Jeremiah Foster, a partner with Resolute. As the Receiver, the focus is to preserve the asset for sale. To date, the Receiver’s efforts include the following:
- Maintaining and repairing the buildings cooling and chiller equipment
- Securing property insurance
- Locating all student files for pick-up by the Arizona State Board for Private Postsecondary Education
- Removal and proper disposal of all the pharmaceutical prescriptions found in the mock pharmacy, per DEA requirements
- Attending to essential repairs and maintenance
- To work with the City of Phoenix to determine the process to either assign or sell the adjacent parking lot in conjunction with property sale to increase the value.
The Receiver retained the services of its affiliated company, Resolute Commercial Properties, to market the property for sale.