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Client: Palm Beach Polo & Country Club Homeowners
Property Description:
Palm Beach Polo & Country Club, Master HOA | Wellington, Florida
Assignment Summary:
In 2012, Atlantic Western was appointed by the Palm Beach County Circuit Court as a monitor to oversee and execute the court ordered turnover and master HOA board election of this 1,214 unit PUD, to the homeowners from its master developer. Such assignment was successfully completed in 90 days.
Client: Sabadell United Bank
Property Description:
87,000 SF Industrial/Office Complex | Palm Beach Gardens, Florida
Assignment Summary:
During 2011-12, Atlantic Western provided court appointedreceivership and management services for the Property including the repair and remediation of prior roof damage, vandalism, mold infestation, and code violations. In 2013, following the foreclosure, Atlantic Western was engaged as the exclusive listing agent and completed the $6,100,000 sale of the property within 90 days of assignment.
Client: J-5 Wellington Preserve, LLC
Property Description:
150 acres | Platted Sub-division | Wellington, Florida
Assignment Summary:
In 2011-12, Atlantic Western represented the buyer in the $14,367,000 partial bulk-acquisition of a distressed sub-division in Wellington, Florida. Over the next year Atlantic Western provided post-closing entitlement, design, advisory and project management services to permit and construct a private polo & equestrian complex including 5 polo fields and supporting infrastructure. Services provided by Atlantic Western included oversight and direction of site plan preparation and regulatory approval, ERP/SFWMD permitting, Master Plan Amendment Approvals, Land Development Permitting, project design and engineering, re-platting, construction contracting and financing.
Client: National City Bank & PNC Bank
Property Description:
234,500 sf Multi-Tenant Industrial Complex | Mangonia Park, Florida
Assignment Summary:
During 2010, Atlantic Western principals were appointedreceiver by the court in the foreclosure of this project. Atlantic Western provided comprehensive property management, leasing, and strategic advisory services to the lender on its $5,200,000 mortgage secured by this property, including identifying and proposing comprehensive solutions to environmental, title, drainage, entitlement and other defects impacting the real estate. Thereafter, Atlantic Western assisted the lender in its ultimate sale of its note and mortgage to a third party investor.
Client: Scotia Bank as Agents, New York, NY
Property Description:
420 unit Luxury Condominium Project | West Palm Beach, FL
Assignment Summary:
Throughout 2009-2010, Atlantic Western provided asset management and strategic advisory services to the lender group that foreclosed on its $134,700,000 mortgage secured by this property. Atlantic Western assisted the lender in the recovery and ownership operation of the asset, including formation and execution of a comprehensive business plan and budget for the property and association management, leasing, and retail sale program for the individual condominium units. Atlantic Western’s president also served as an officer and director of the association’s board. The assignment was completed through the bulk sale of the remaining 305 units for $67,000,000; representing one of the highest bulk sale recoveries in the market.
Client: Ironwood Properties, Delray Beach, Florida
Property Description:
A boutique 16,000 sf Office Building | Downtown Delray Beach, Florida
Assignment Summary:
Atlantic Western was engaged as the exclusive agent for the owner to execute a RFP/sealed bid sales program for this Medical Office Building which was 100% vacant as of closing. Atlantic Western completed the bid and sales program in 90 days providing a cash sale of $3,500,000 or $116.00 psf.
Client: Silverlake Enterprises Loxahatchee, Florida
Property Description:
59 acre Nursery | Wellington, FL
Assignment Summary:
Atlantic Western was engaged in 2004 as the exclusive agent by the owner to execute a sales program for the nursery acreage. The property was sold for $5,625,000 or $95,000 per acre, within 6 months of engagement, for equestrian development purposes.
Client: Woolbright Development Corp.
Property Description:
Hillsboro Square - Palm Aire Plaza | Federal Highway, Deerfield Beach, FL 127,000 | sf - neighborhood center
Assignment Summary:
Atlantic Western was engaged in 2004 as the exclusive agent by the owner to execute a sales program for the nursery acreage. The property was sold for $5,625,000 or $95,000 per acre, within 6 months of engagement, for equestrian development purposes.
Client: Woolbright Development Corp.
Property Description:
Universal Plaza University Drive | Lauderhill, FL | 225,000 sf - power center
Assignment Summary:
Atlantic Western assisted a private client in its as-is sale of this 112 acre tract, which was completed on an all cash basis for $14,400,000 within 10 months of engagement. Subsequently, as exclusive agents, engaged by the buyer, Atlantic Western created and executed a marketing and sales program for the development, sub-division and resale of this property.
Client: High Rock Lake Company
Property Description:
Worth Plaza | Lake Worth Road | Suburban Lake Worth, Florid | 89,000 sf - neighborhood center
Assignment Summary:
Atlantic Western was engaged to provide comprehensive property management, leasing and construction management services in connection with the physical and economic rehabilitation of this un-anchored center.
Client: Emmes Asset Management, New York, NY
Property Description:
Twin Oak Plaza Davie Boulevard | Ft. Lauderdale, F | 114,886 sf - Winn-Dixie anchored center
Assignment Summary:
Atlantic Western was engaged by Emmes to assist in their purchase of this center and to provide exclusive management and leasing services in the physical rehabilitation and re-leasing of this asset. Over a 3 year period, this center was re-anchored and occupancy increased to 98%. In 2002, Atlantic Western was exclusively engaged by the client to execute an institutional sales program which was successfully completed within six months, generating a $7,200,000 cash sale to a private investment group.
Client: Woolbright Development Corp.
Property Description:
Coral Palm Plaza University Drive | Coral Springs, FL | 135,000 sf - neighborhood center
Assignment Summary:
Atlantic Western was engaged to provide comprehensive property, construction management, and leasing services on this foreclosed center. Upon acquisition, the center was 50% occupied and suffered from extensive deferred maintenance. Within a 12 month period, Atlantic Western totally renovated and re-anchored the center, increased occupancy to 98%, and subsequently sold the center to an institutional investor.
Client: General American Life Insurance, Metropolitan Insurance Company
Property Description:
Brandywine I Office Center | Village Boulevard, West Palm Beach, Florida | 67,000 sf - mixed use - office and restaurant
Assignment Summary:
Atlantic Western was engaged to provide comprehensive receivership, property management, construction management services and leasing and sale advisory services in connection with the rehabilitation of this foreclosed office building and free standing restaurant facility. Within a period of 18 months from takeover, the entire project was stabilized, leasing increased to 80%, then successfully sold to an institutional investor.
Client: Serape, NV (foreign)
Property Description:
Plantation Village Shopping Center | Broward Boulevard, Plantation, FL | 33,700 sf - multi-tenant neighborhood center
Assignment Summary:
On behalf of this offshore investor, Atlantic Western refinished this center and brought occupancy to 100% and sold the center for $2,200,000 to a private investor. Atlantic Western was retained as exclusive leasing agent and property manager by the buyer.
Client: Morrison's of Palm Beach, West Palm Beach, FL
Property Description:
Lantana Center | US 1, Lantana, FL | 24,000 sf - multi-tenant neighborhood strip center
Assignment Summary:
As exclusive agents for this private investor, Atlantic Western marketed and sold the center for $2,050,000 or $85.00 psf and was retained as the manager and exclusive leasing agent of the Property by the buyer.
Client: Emmes Asset Management, New York, NY
Property Description:
Carol City Apartments | 57th (Red Road), Carol City, FL | 150 units
Assignment Summary:
As exclusive agents for Emmes, Atlantic Western was engaged to execute a marketing and sales program for this HUD subsidized apartment complex in Carol City, Dade County. The sale was completed within 6 months for $2,400,000, to a local private investment group on an all cash basis.
Client: General American Life Insurance, Orlando, FL
Property Description:
Port St. Lucie Shopping Center | US 1, St. Lucie, FL | 44,000 sf - multi-tenant retail center
Assignment Summary:
Atlantic Western was appointed as court receiver on this asset and following its acquisition as REO, within 12 months the Property was stabilized, repositioned and sold to a private investor.
Client: General American Life Insurance, Orlando, FL
Property Description:
Forest Hill Plaza | Forest Hill Boulevard, West Palm Beach, FL | 30,500 sf - multi-tenant neighborhood center
Assignment Summary:
Atlantic Western was appointed as court receiver on this asset and following its acquisition as REO, within 12 months the property was stabilized, repositioned and sold to a private investor. Atlantic Western was retained by the buyer to provide management and leasing services.
Client: First Bank, NA
Property Description:
Jefferson Plaza Shopping Center | US 1, Ft. Pierce, FL | 165,000 sf center
Assignment Summary:
Atlantic Western was appointed receiver on this substantially vacant center. Within three months, the property's physical and economic deterioration was stabilized. Atlantic Western assisted in the successful sale of the bank's judgment for a 100% recovery of the secured debt.
Client: Emmes Asset Management, New York, NY
Property Description:Â Lago Plaza Shopping Center | 28th Avenue, Hialeah, Florida | 154,000sf Winn-Dixie, Wal-Mart anchored center
Assignment Summary:
As property managers and exclusive leasing and sales agents, over a four year period Atlantic Western completely repositioned this center, increasing overall occupancy from 55% to 85%. Atlantic Western assisted in the property's refinance to an institutional lender and subsequently executed a marketing and sales program resulting in the property's sale for $10,000,000 to a private, all cash buyer. This sale was executed with only 2 years remaining on the Winn-Dixie lease and Walgreen's stated decision to vacate.
Client: Emmes Asset Management, Inc., New York, NY
Property Description:
Powerline Industrial Center | Powerline Road, Pompano Beach, FL | 24,800 sf - multi-tenant warehouse
Assignment Summary:
As exclusive property managers, leasing and sales agents, Atlantic Western completely re-positioned this center bringing overall occupancy to 100% and subsequently executed an all cash sale to a private investment group within a two year period, generating over a 50% return on our client's investment.
Client: Emmes Asset Management, New York, NY
Property Description:
Worthington Office Park | Worthington Road, West Palm Beach, FL | 22,000 sf Flex-office
Assignment Summary:
As property managers, leasing and exclusive sales agents, Atlantic Western completely rehabilitated this office complex and increased occupancy from 44% to 100% within a two year period. Atlantic Western subsequently sold the asset for $900,000, returning over 50% profit on our client's investment.
Client: Emmes Asset Management, New York, NY
Property Description:
Corporate Courts Office Complex | Miami Lakes, FL | 58,000 sf 2-story Flex-office and distribution
Assignment Summary:
Atlantic Western, on behalf of its clients acquired control of this complex after protracted litigation. Following extensive exterior, structural, roof and tenant improvements, overall occupancy was increased from 40% to 75% within a one year period. As exclusive marketing agents, Atlantic Western subsequently executed the sale of the Property for $1,100,000 representing a 6.5% capitalization rate on in place income.
Client: Emmes Asset Management, New York, NY
Property Description:
Grand Cru Apartment Portfolio | Broward County, FL | 6 properties, 388 units
Assignment Summary:
Atlantic Western was engaged by Emmes to assist in their purchase of these apartments as part of a larger portfolio. Subsequently, Atlantic Western was appointed exclusive listing agents in the marketing and sale of these six properties.
Client: Barnett Banks of Florida, NA
Property Description:
Square One Industrial Complex | Florida Mango Road, West Palm Beach, FL | 26,000 sf warehouse and showroom industrial
Assignment Summary:Initially acting as the court appointed receiver in connection with non-performing debt secured by this asset, following foreclosure Atlantic Western assumed control of this collateral. Within a six month period Atlantic Western completed extensive structural, environmental and physical repairs, leased the complex up from 74% to 98%, and executed the asset's sale generating a 97% recovery for the client.
Client: Midlantic National Bank, Edison, NJ
Property Description:
Tequesta Plaza | US 1, Tequesta, FL | 170,000 sf center anchored by K-Mart and Winn-Dixie
Assignment Summary: Atlantic Western's staff as asset managers for Midlantic provided the workout and REO advisory services responsible for the recovery, management, leasing and sale of this anchored retail power center. The $10,250,000 sale of this asset was completed within 4 months of assignment.
Client: Midlantic National Bank, Edison, NJ
Property Description:
Wellington Marketplace Center Wellington Trace | Wellington, FL | 175,000 sf center - anchored by Winn-Dixie
Assignment Summary: Atlantic Western's staff, acting as the asset managers and advisors to Midlantic, negotiated a successful debt restructuring on this major retail center in Wellington. This workout lead to the loan's successful sale to General Electric as part of a $225,000,000 portfolio sale, which was also executed by Atlantic Western's staff.
Client: Midlantic National Bank, Edison, NJ
Property Description:
Stuart Marketplace Stuart, FL | 170,000 sf power center
Assignment Summary: As asset managers for Midlantic, the staff at Atlantic Western provided comprehensive loan workout services in connection with the troubled debt restructuring of a $70,000,000 single borrower exposure, which included this project. The restructuring of this debt ultimately facilitated the entire exposure's sale to General Electric as part of a $225,000,000 portfolio sale, which was also executed by Atlantic Western's staff.
Client: Midlantic National Bank, Edison, NJ
Property Description:
Rutgers Plaza | Dunn Avenue, Jacksonville, FL | 79,000 sf center anchored by Food Lion
Assignment Summary: Atlantic Western's staff as asset managers for Midlantic provided the workout and REO advisory services responsible for the recovery, management, leasing and sale of this retail center. The sale of this asset was completed within 8 months of assignment.
Client: Resolution Trust Corporation/CSFB
Property Description:
A 108,000 s.f. retail community shopping center
Assignment Summary: Supervised and directed the litigation that facilitated the center's acquisition as REO. Continued direction and supervision of the Leasing and management efforts resulted in an increased in occupancy from 68% to 85% of nra, the completion of two special exception zoning applications, and the listing/marketing of the asset for sale.
Client: Resolution Trust Corporation/CSFB
Property Description:
A 50,000 s.f. retail community shopping center
Assignment Summary:
Within six months of a borrower's initial Chapter 11 filing, staff negotiated the successful release from bankruptcy proceedings and the ultimate recovery via sale of 100% of the lender's principal and interest.
Client: Resolution Trust Corporation/CSFB
Property Description:
A 90,000 s.f. multi-level shopping mall
Assignment Summary: During a two year period and prolonged. bankruptcy case, staff directed the litigation efforts which resulted in the successful appointment of an operating trustee, cash collateral stipulation and adequate protection award, and the formulation of a creditors' plan that provided for a sale free and clear of all liens. This asset was ultimately resolved via a loan sale on an all-cash basis.
Client: Resolution Trust Corporation
Property Description:
A 100,000 s.f. multi -structure industrial and mini-warehouse project
Assignment Summary: After two years of non-earning status, and failed workout attempts by the lender, within six months of assignment, this asset was converted to a performing debt restructure. Two years after follow-up management, this was producing yields in excess of 10% with an overall occupancy of 90%.
Client: Resolution Trust Corporation/CSFB
Property Description:
A 37,000 s.f. class A office building
Assignment Summary: Directed the successful acquisition as REO through foreclosure proceedings, and in a seven month period, staff supervised the leasing and management efforts that increased occupancy from 17% to over 50%. Within 13 months, the property was successfully sold on an all cash basis for 85% of appraised value.
Client: Resolution Trust Corporation/CSFB
Property Description:
A 27,000 s.f. class A office building
Assignment Summary: Directed the successful acquisition as REO through foreclosure proceedings, and in a seven month period, staff supervised the leasing and management efforts that increased occupancy from 17% to over 50%. Within 13 months, the property was successfully sold on an all cash basis for 85% of appraised value.