Cassidy Turley has been named the receiver for a 12-building portfolio of flex properties in five north Charlotte business parks.
The properties are owned by Islandia Charlotte, an affiliate of California-based Greenstein Asset Management, and recently went into foreclosure. Islandia secured $55 million in financing in 2006, when it bought the properties from Beacon Partners and has defaulted on its loan, according to the holders of the commercial mortgage-backed securities.
The 746,337-square-foot portfolio includes two buildings in Northwoods Business Park, two in Harris Ridge, two flex buildings in Harris Corners, two at the NorthCross Business Campus in Huntersville and four flex/retail buildings at NorthRidge Business Center.
Cassidy Turley became the receiver on Monday.
A foreclosure hearing is scheduled for Dec. 2, and the special servicer for the loan is CWCapital Asset Management. Back when the Charlotte office of Cassidy Turley was Colliers Pinkard, it worked with CWCapital as the receiver for the former Meridian Corporate Center in 2008, when it was distressed. That relationship has led to subsequent assignments such as the Grinnell Water Works building, which was recently sold, and now the Islandia portfolio, says Rob Cochran, a senior managing director with Cassidy Turley. Cochran worked with Eric Ridlehoover and Peg Bowden to land the Islandia deal.
“We’re fairly nimble on the property-management and leasing side of things,” Cochran says. “It’s been a good business for us. We have a relationship with these special servicers, and when we’re helping them out on a short-term basis, they appreciate it.”
Ridlehoover and John Wharton of Cassidy Turley will handle leasing of the properties, while Chad Thompson will manage the buildings. Andrew Laing will oversee project management.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,400 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.