The time period before a foreclosure is finalized through an action of the courts can drastically affect the financial viability of a commercial property. Colliers International | Kansas City has the resources necessary to act as a court appointed receiver in order to help protect the property’s value during this time frame. Whether the need is for receivership, property management, leasing, disposition, accounting or a combination of these services, Colliers International | Kansas City has the capacity to perform.
Colliers International | Kansas City has experience in receivership situations in both Kansas and Missouri.
CASE STUDIES INCLUDE:
8300 College Boulevard: Ted Murray served as appointed asset manager on behalf of the tenant-in-common owners of this 54,000 SF office building in Overland Park, KS. Mr. Murray served in this capacity for 6 years following the failure of the project’s sponsor. Enterprise Bank & Trust foreclosed on the property in 2014, and Mr. Murray served as the court appointed receiver until the property sold. Throughout the term of the asset management and receivership, Murray’s firm provided leasing and property management services.
Classic Floors: A trust department client within UMB Bank foreclosed on the owner / user of this 20,000 SF showroom facility in 2013. Ted Murray served as the court appointed receiver for this property, located in Olathe, KS. Mr. Murray’s firm handled the management and disposition of this property.
3704 Wyandotte: This apartment community is located in midtown, Kansas City, Missouri. Consisting of 19 units, the property needed attention both from a physical and financialperspective. After a four month appointment as receiver, the property was successfully sold.
Branson, Missouri: Colony AMC acquired the notes of two properties in Branson from the FDIC. Both a storage facility and 18,000 square foot shopping center were foreclosed. During the three-month foreclosure period, Ted Murray was appointed as receiver, and his firm managed the properties. Following foreclosure, Colliers International | Kansas City continued to manage and lease the properties.
City Center Square: This 600,000 SF office building is located in downtown, Kansas City, Missouri. Prudential Insurance Company filed to foreclose and asked the court to appoint Ted Murray, CEO of the firm, as receiver. During the four months it took for the foreclosure to be approved, Mr. Murray supervised the existing leasing and management staff at City Center Square. Mr. Murray and his accounting staff at the firm examined the management reports and filed monthly reports with the court.
DeSoto Commons: This three-building, 30,000 SF office project’s borrower filed for bankruptcy and their lender, Great Southern Bank, asked that a receiver be appointed. Ted Murray then hired Colliers International | Kansas City to manage, lease and dispose of the property. The property is located in DeSoto, Kansas.
Parallel Parkway Property: This retail / office property is located on Parallel Parkway in Kansas City, Kansas. Household Bank filed a foreclosure action and asked the court to appoint Ted Murray to act as receiver. During the one-year period, Mr. Murray utilized the leasing and management services of his firm, as well as the firm’s accounting department.
South 10th Street Property: This industrial property is located on South 10th Street in Kansas City, Kansas. The note on the property had been purchased by PNL Partners from Pioneer Savings. PNL asked the court to appoint a receiver in order to protect the property and execute a lease renewal with the existing tenant. The court appointed Ted Murray as receiver and during the four-month appointment before the foreclosure was finalized, Mr. Murray successfully completed the lease renewal.
1841 Vernon: This 85,000 SF warehouse building and adjacent lot was foreclosed by Arvest Bank. During the period of the receivership, steps were taken to winterize the building. In addition, cost estimates to bring the building up to a standard necessary to lease were prepared for the bank.
Mansions at Canyon Creek: This condo project was in negotiation between the developer and Tier One Bank when Ted Murray was appointed receiver. During the 15-month receivership, Tier One was shut down by the FDIC and acquired by Great Western Bank. The project, located in Lenexa, Kansas, consisted of 30 finished units, 40 unfinished units, 8 concrete foundations and undeveloped land. Colliers International | Kansas City successfully brokered the sale of the property.
Ted Murray, CEO of Colliers International | Kansas City, has acted as a court appointed receiver on several occasions. In this capacity as receiver, Mr. Murray has performed numerous functions such as:
Oversight of leasing & management.
Ensure that monthly accounting of all income and expense items takes place.
Maintain all property records, including books, leases, and bank accounts.
Open and maintain new bank accounts.
Execute leases and vendor contracts where appropriate.
Report to lender (Plaintiff) and the court on a monthly basis regarding all activity.
Cause the sale of the property.
Typically, the receiver will obtain a Receiver Bond (Surety Bond). The cost of the bond is an operating cost to the property. Mr. Murray has an extensive background in the development and ownership of commercial property. This experience gives him the perfect perspective on acting as a receiver. It is important to know what decisions to make, but equally important to know what decisions not to make. Mr. Murray has a history of successfully directing teams associated with managing, leasing, disposing and handling accounting for distressed commercial properties.