SAN DIEGO, Calif. – Trigild – a San Diego-based receivership and loan recovery specialist – has announced the $139.5 million sale of 2.1 million square feet of furniture showroom buildings in High Point, North Carolina run by Merchandise Mart Properties Inc.
Trigild was appointed as receiver of the showrooms through Guilford Country Superior Court after the parent company of Merchandise Mart Properties, Vornado Realty Trust, defaulted on a $224 million loan earlier this year.
In its role as receiver, Trigild helped facilitate the disposition process. In fact, the court order authorized Trigild "to solicit offers to purchase the property" and stated that the receiver could "sell the property in accordance with the terms of this order pending the conclusion of foreclosure proceedings for the property or other disposition of the property."
Under receivership since last fall, the properties consist of about two million square feet and include Market Square, the National Furniture Mart and Hamilton Market, all high-end furniture showrooms.
According to Trigild president Bill Hoffman, there is a growing trend toward receivers being closely involved in the sale of properties. "Receivers are increasingly being empowered to market and sell properties before they are foreclosed upon, resulting in higher recovery amounts," he said. "The sooner a property is offered for sale, the higher the offering price is likely to be. A skilled receiver can get the property on the market in a matter of weeks – rather than months."
Headquartered in San Diego, with regional offices throughout the country, Trigild has more than 30 years of expertise in managing a wide array of commercial real estate assets and operating businesses, focusing on turnaround management and repositioning of troubled properties. Trigild is located at 12707 High Bluff Drive, Suite 300, San Diego, 92130. For further information, visit www.trigild.com.