Trigild Closes $35.5 Million Dollar Receivership Sale of Encino Office Building
San Diego-based Firm Repositions Asset for Sale, Takes Over Management.
- San Diego, CA (1888PressRelease) February 08, 2017 - Trigild, a San Diego-based real estate firm specializing in property/asset management and fiduciary services, has announced the $35.5 million receivership sale of the Encino Corporate Plaza. Located at 16661 Ventura Boulevard in Encino, Calif., the nine-story, 126,275-square-foot office complex was sold to an undisclosed investor through receivership.
According to Trigild's director of real estate Nancy Daniels, the success of the sale was due to multiple factors among them significant increases in value gained during the receivership. "The prior owner was not maximizing value. Not only did they occupy a large portion of the building at below market rents, they also controlled the parking through a long-term lease with a related entity," she said. "The receivership allowed us to remove the defendant from the property and terminate the parking agreement - substantially increasing revenue and significantly raising the property's value. Additionally, the ability to audit leases and standardize the accounting positioned the building for sale at a maximum value."
Trigild will remain on board as property manager, overseeing all day-to-day operations of the complex, which is currently 76% leased.
Encino Corporate Center - built in 1968 and fully renovated in 1988 - houses a high-end mix of medical and professional services tenants and is ideally located on Ventura Blvd. with easy access to Hollywood, downtown LA, Beverly Hills, Santa Monica and Sherman Oaks.
The receiver sale offers further evidence of why receiverships are an increasingly popular workout remedy and optimal tool for maximizing value. "Many people think receiver sales are complicated or don't follow traditional marketing programs. Quite the opposite is true - receivers are empowered to market and sell properties prior to foreclosure, which can result in higher recovery amounts and faster timelines," Daniels said.
The sale was brokered by Andrew Harper and Evan Kovac of Holliday Fenoglio Fowler (HFF).
About Trigild
Headquartered in San Diego with offices throughout the country, Trigild has 40 years of management and fiduciary expertise, with a focus on managing and maximizing value for assets in an array of industries, including commercial real estate, multifamily, hospitality and more. Since its inception, Trigild has developed a full service national operating platform providing institutional quality services to private real estate investors and financial institutions. For information, visit www.trigild.com.
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