Property Type: Two Class A Office Buildings
Location: Ft. Lauderdale, FL
Year Built: 1989/1999
SF: 90,235 and 84,769 SF
Client: Institutional Lender
Strategy: Increase occupancy, replace core systems, reconcile accounts receivable and payable
Value Created: $800,000 from cash account to lender
Trigild was brought in as a receiver to remedy the various issues ongoing at Commercial Place. This property consists of two buildings totaling just over 175,000 square feet. Poor management by the owner and high leverage on the property resulted in a default and the owner was not in a position to strategically manage the property through a turn-around.
- With occupancy around 80% between the two buildings, leasing revenues were moderate but not strong enough to support the high debt service payments required.
- Core systems including the alarm and keycard technologies were functionally obsolete and needed to be replaced.
- There were extensive issues with accounts payable and core services were in danger of being discontinued.
- There were modest accounts receivable that the owner had not collected.
- Repaired the keycard and security systems after taking over bank accounts and signing several new tenants which drove occupancy up.
- Worked with vendors to ensure core services continued even with Accounts
- Consolidated bank accounts and realized accounts receivable and after reconciling accounts payable, Trigild turned over $800,000 to the lender from cash accounts.