Distressed Property Turnaround
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Description
Alterra has extensive experience with turning around distressed properties. We determine the owners objectives for the property and create a strategy to achieve those objectives. Our experience includes purchasing properties with high vacancy, restructuring financing and brining in investors to recapitalize a property, reducing operating expenses and creating a lease up and disposition strategy and implementing these solutions as quickly as possible. Contact us today to find out how we can help you quickly turn around your distressed property, Bradford L. Kitchen 614-545-2155.
Our services include:
Development and implementation of a strategy to quickly maximize value of the property
Loan review and lender negotiations
Property management and cost reduction
Financial management and accounting
Leasing and sale of property
Distressed Property Turnaround Successes:
Northeast Business Campus Columbus, Ohio
Northeast Business Campus is a 200,000 SF office and office warehouse campus in northeast Columbus, Ohio near Easton. The property was in receivership, 35% vacant, in default on it's loan and in disrepair. Alterra repaired the property, reduced expenses, leased it up and obtained multiple cash offers in excess of $7 million for the property.
555 Metro Place Dublin, Ohio
555 Metro Place in Dublin, Ohio is a 100,000 SF office building which was 50% vacant, in default on it's loan and was deeded over to the bank. Alterra assembled an investment group to purchase the property, quickly leased it up to 90% occupancy, obtained a low interest nonrecourse assumable loan on the property and doubled the value of the property.
565 Metro Place Dublin, Ohio
565 Metro Place in Dublin, Ohio is a 118,000 SF office building which was 17% vacant. Alterra assembled an investment group to purchase the property for $13.5 million, quickly leased it up to 98% occupancy, obtained a low interest nonrecourse assumable loan on the property and sold the property for $16 million.
Our services include:
Development and implementation of a strategy to quickly maximize value of the property
Loan review and lender negotiations
Property management and cost reduction
Financial management and accounting
Leasing and sale of property
Distressed Property Turnaround Successes:
Northeast Business Campus Columbus, Ohio
Northeast Business Campus is a 200,000 SF office and office warehouse campus in northeast Columbus, Ohio near Easton. The property was in receivership, 35% vacant, in default on it's loan and in disrepair. Alterra repaired the property, reduced expenses, leased it up and obtained multiple cash offers in excess of $7 million for the property.
555 Metro Place Dublin, Ohio
555 Metro Place in Dublin, Ohio is a 100,000 SF office building which was 50% vacant, in default on it's loan and was deeded over to the bank. Alterra assembled an investment group to purchase the property, quickly leased it up to 90% occupancy, obtained a low interest nonrecourse assumable loan on the property and doubled the value of the property.
565 Metro Place Dublin, Ohio
565 Metro Place in Dublin, Ohio is a 118,000 SF office building which was 17% vacant. Alterra assembled an investment group to purchase the property for $13.5 million, quickly leased it up to 98% occupancy, obtained a low interest nonrecourse assumable loan on the property and sold the property for $16 million.
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Distressed Property Turnaround
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