SAN DIEGO - Trigild, a San Diego-based real estate firm specializing in property/asset management and fiduciary services, recently closed the $50.8 million receivership sale of the 392,702-square-foot Atrium at Empire Lakes office complex. Located at 10801 E. 6th St. in Rancho Cucamonga, the property was sold to Inland Empire Health Plans (IEHP), a major tenant that Trigild placed in the building in mid-2013.
Appointed receiver of the property in 2012, Trigild facilitated the sale with Cushman and Wakefield and attorney Fernando Landa of the San Diego law firm CGS3. Trigild will remain on board as property manager, overseeing day-to-day operations of the complex.
When it went into receivership, the two-story building was 42% occupied. According to Nancy Daniels, Trigild’s director of real estate, Trigild was able to quickly secure tenants, including IEHP, to bring the occupancy to over 90%. The office complex – built in 1988 and renovated in 2001 – also houses such high profile tenants as State Farm, Parsons Construction and Chicago Title.
“The building was marketed for sale soon after the 90% occupancy level was reached,” Daniels said. “We were able to work with the various parties to successfully position the property for sale, presenting a unique opportunity to acquire a large office complex in a prime Inland Empire location.”
The acquisition also offers further evidence of the positives of selling assets in receivership. “Many people think that receiver sales are complicated or don’t follow traditional marketing programs. Quite the opposite it true – receivers are empowered to market and sell properties prior to foreclosure, which can result in higher recovery amounts and faster timelines,” Daniels said.
Last year, Trigild was awarded an NAIOP REXIE award for negotiating the high profile $100 million, 207,307-square-foot lease for IEHP within the complex. In presenting the award, NAIOP leaders recognized the complexity of the transaction, as well as the creativity and speed with which it was completed.