In early 2012, GE Capital had a problem with a small office building in Rockville, Maryland. A loan that they had made to a local owner/user had gone bad, and now they were expecting to acquire the asset through foreclosure. Having done several transactions with Premier in the past, they called for help. Could we take over management of this property, with little or no historical data, missing copies of leases, and an uncooperative former owner . . . . and do it literally tomorrow? So the next night our crew worked until after midnight changing locks and getting ready to contact tenants with keys and explanations the next day. GE never wanted to own this property, so they promptly charged Premier with getting it ready for sale. Premier recommended to GE that they hire the regional brokerage Divaris, then went to work re-documenting leases, handling deferred maintenance, and getting the property prepared for sale.
Update: Within 5 months the property sold to a local investor. Premier assisted with the transaction and was subsequently hired by the new ownership to manage the property. With Premier’s help, the new ownership has already embarked on a successful leasing program, retained all of the prior tenants, and stabilized the property.