Douglas Wilson, owner of Douglas Wilson Cos., is the newly appointed receiver for Glynn Place, a 196,000 sq. ft. regional mall in the port city of Brunswick, Ga. The mall is 68% occupied, according to the manager. Merchants include a mix of national, regional and local retailers. Anchor stores Sears, JCPenney, Belk and Embassy Suites Hotel are not part of the receivership collateral.
“Our first priority is to stabilize the asset and conduct due diligence to determine the best outcome for the mall,” says Douglas Wilson, CEO of the San Diego-based firm that bears his name. Since its inception in 1989, the Doug Wilson Cos. has helped resolve more than 600 troubled projects involving assets valued in excess of $12 billion.
Jones Lang LaSalle will provide management and leasing services at the mall and help increase net operating income. “Glynn Place is open for business as usual and we do not expect any operational interruptions to the mall,” emphasizes Wilson. “Consumers should find their holiday shopping experience here as enjoyable as ever.”
The Douglas Wilson Cos. operates offices in six markets, including Washington, D.C., Las Vegas, Miami, Orlando, San Francisco, and San Diego.
New Lease on Life for Scottsdale Office Buildings
The Phoenix office of Lincoln Property Co., which served as the court-appointed receiver for Camelback Executive Park and Camelback Tower in Scottsdale, Ariz., recently completed 10 lease transactions totaling 45,000 sq. ft. of office space at the two high-profile properties.
Pacific Coast Mortgage, a tenant of Camelback Executive Park, renewed its lease for 11,949 sq. ft. The national marketing office of Shell Vacations, a leading independent vacation ownership developer, also renewed its lease for 10,555 sq. ft.
Meanwhile, Camelback Tower tenant AmTrust Bank renewed its lease for 12,487 sq. ft. Additional leases totaling nearly 10,000 sq. ft. were signed with DiCarlo Caserta McKeighan & Pierce, Colonial Development, Diamond Pacific Investments, Blaser McCook, Mueller and Mueller Research, E. Louis Werner, and Prospect Mortgage.
"We believe that our stability, commercial real estate expertise and extensive property management experience allow us to serve as a highly effective receiver," says David Krumwiede, executive vice president of Lincoln Property Co.’s Western Region, which currently manages nearly 5 million sq. ft. of office, retail and industrial space. "We provide day-to-day financial and administrative management to preserve the value of these assets. Our understanding of tenants' needs is a key factor in these large renewals.”
As property manager for the two office buildings located in Scottsdale’s Fashion Square Area, Lincoln Property Co. oversees leasing with Colliers International. Camelback Executive Park includes 172,690 sq. ft. of office space compared with 122,848 sq. ft. for Camelback Tower.
Dallas-based Lincoln Property Co. is a full-service real estate firm that has developed more than 112 million sq. ft. of office, industrial, and retail projects, and 182,000 multifamily units. Property management assignments currently include more than 116 million sq. ft. of commercial space and 112,000 multifamily units.
Receivership Assignments Aplenty for JCF Real Estate
JCF Real Estate, through its founder and principal John Fitzmaurice, was recently named the court-appointed receiver or property manager on 10 properties throughout the Chicago area. The assignments occurred during a single month this fall. The names of the properties were not disclosed.
As receiver or manager, Schaumburg, Ill.-based JCF Real Estate will stabilize and maintain the properties, collect rents and fees, and supervise third-party contracts and utilities. The firm also will oversee lease management, budgeting, banking and the ultimate disposition of the properties. The company’s current portfolio of assignments includes properties in the office, industrial, retail, and multifamily sectors, plus land.
Since 1993, JCF Real Estate through Fitzmaurice has been entrusted as a court-appointed receiver on hundreds of commercial real estate properties.