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Success Stories

Oakdale Industrial

Property Type: Industrial Warehouse

Location: Oakdale, CA

Building SF: 22,500 SF

Land: 1.84 acres

Value Created: Increased property sale price by 213%

BACKGROUND

The asset is a 22,500 sf industrial warehouse located in Oakdale, CA which was a challenging market.  A tenant had not paid rent in over ten months. The building included approximately 6,000 sf of retail space and 16,500 sf of industrial warehouse.

APPROACH

  • As receiver, Trigild attempted to settle with the tenant to keep them in place, given the lack of leasing in the area.  When numerous attempts failed, it became clear that eviction would allow the asset to be marketed to owner/users, thereby increasing its value.
  • Trigild corrected deferred maintenance and prepared the asset for sale.
  • Trigild selected and partnered with an auction company to list the distressed asset for sale.  A sales price was designated to allow the market to maximize value.

PERFORMANCE SUMMARY

  • Trigild evicted the non-paying tenant within 90 days of Receivership appointment.
  • After receiving offers from multiple parties, Trigild negotiated a final purchase price in excess of 200% over the original offer.
  • Final sale price exceeded the Broker’s opinion of value by 6%
  • The asset was successfully sold out of receivership within six months of appointment.