Trigild Sees Receivers Selling More Commercial Properties
San Diego Based Company Reports Sales Record for 2011.
- San Diego, CA (1888PressRelease) February 08, 2012 - Trigild, a San Diego-based receivership, disposition and loan recovery specialist, has seen sales out of receivership soar - reporting nearly $320 million in receivership sales in 2011.
According to Trigild president William Hoffman, the latest figures from Trigild reflect an industry pattern, as receiver sales surge in the aftermath of commercial mortgage-backed securities defaults. On the upside, "we are seeing more stability in commercial markets, with buyers looking for well-managed, well-priced properties," Hoffman said. "A receiver maintains and protects the real property that serves as collateral for a loan, and for this reason and many others, receivership sales are becoming a preferred way to expedite a sale - and avoid foreclosure."
In fact, last year Trigild sold 58 properties out of receivership with a gross sales value of $319,839,820 or $5,514,480 per deal. The sales included three hotels, nine retail centers, five office buildings, five apartment buildings and 35 convenience stores and gas stations.
Among the deals orchestrated by Trigild in 2011 was the $15 million sale of a portfolio of 60 Albuquerque area Ever-Ready Oil Inc. gas stations and convenience stores to two separate regional operators, and the $76 million sale of The Towers at Bella Terra, a 428,806-square-foot office and retail complex in Huntington Beach, Calif. The property was sold to Lincoln Property Company in partnership with GEM Realty Capital, Inc.
Hoffman sees the trend for sales out of receivership continuing for three to four more years, as many areas are still facing large numbers of CMBS deals maturing.
The company currently has 12 million-square-feet of commercial real estate property under management and/or in receivership, including 2,300 hotel rooms, 550 apartment units and 60 convenience and gas station properties.
When Trigild steps in, it turns to its team of commercial real estate and operating business professionals to help lenders and special servicers mastermind recovery strategies and returns.
About Trigild
Headquartered in San Diego with regional offices throughout the country, Trigild has more than 35 years of commercial real estate and operating business expertise, with a focus on managing and maximizing value for assets in an array of industries, including hospitality, multifamily, office, industrial, retail, petroleum properties and more. For further information, visit www.trigild.com.
Media Contact: Sydnie Moore (619) 823-8448
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