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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: 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: 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: 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: 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.