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Receivership

RECEIVERSHIP SERVICES

 
Neyer knows that, sometimes, lenders don’t get all of the information they would like from their borrowers. We are experienced in stepping into the vacuum, securing the physical and financial operations of the property and crafting a plan with the lender to meet their goals for the property.

Neyer Real Estate Management is one of the most active receivers in the region and has built a solid history of working with special servicers, direct lenders, banking institutions and any entity facing a situation requiring asset protection.
Court approved in Ohio, Indiana and Kentucky and offering multiple services under one roof, Neyer is better equipped to streamline the delicate receivership process. We understand court reporting requirements and are familiar with the peculiarities of operating a property under a receivership arrangement.

UPON APPOINTMENT, NEYER MANAGEMENT WILL:

  • Act swiftly to evaluate the condition of the property
  • Make contact with the current tenants & establish ourselves as new management
  • Expeditiously stabilize the business operation
  • Provide lenders with information they need to make informed decisions to maximize returns, regardless of the direction they choose to take with the property
  • Prepare all reports as directed by the court and attend all ongoing court appearances
Licensed, bonded and insured; our firm has served as a court appointed receiver for all types of land, office, retail and industrial real estate. If you are interested in learning more about how our management services favorably impact receivership assets, please contact John Neyer at (513) 618-6000.

Case Studies

480 Olde Worthington Rd - Westerville, OH

Neyer was appointed receiver by Delaware County for this 97,000 sqft Class-A office building in the active Polaris submarket of Columbus. 
  Shoppes of Kenwood

Fifth Third Center - Dayton, Ohio

Neyer Management was brought in as Receiver to stabilize this Class-A Central Business District asset as the special servicer pursued foreclosure.  The property needed immediate attention to deferred maintenance issues as well as coordination of significant parking structure restoration.

In addition, the property had noteworthy leases rolling that needed to be addressed right away.  Neyer was able to effectively renew the leases that were coming to term as well as resolve substantial liability concerns arising from the deferred maintenance issues.

Neyer Management was retained as the property management provider following the foreclosure sale.
  Shoppes of Kenwood

Turfway Ridge office park
Florence, Kentucky

Neyer Management was managing Turfway Ridge when the owners defaulted on their mortgage loan.  The lender appointed Neyer as receiver.  Neyer spent several years in the receivership role until the property became an REO.  Neyer found a way to not only preserve this project but improve it.  The property sold at auction in July of 2018 to a group of investors in California.  The sale was at least 25% higher than the lender/owner had anticipated.  The California investors decided to keep the Neyer team in place after they took a close look at our services, reporting and pricing
   

Westar-I | 570 Polaris parkway, Columbus, Ohio

Neyer stepped into the role of appointed Receiver for this asset to oversee all operational issues including collecting rents, maintaining and repairing the property, managing existing leases and entering new leases, ensuring that contractors and service providers are paid, and otherwise taking all those actions necessary to preserve the property's value.  Neyer provided the lender with the confidence that the ultimate sale of the property would make the lender whole.  Or as close as possible.

  Westar I

presidential plaza - Fairborn, ohio

This receivership consisted of two office buildings know as 2900 and 3000 Presidential Drive, Fairborn, Ohio.  The buildings are part of a seven-building complex known as Wright Executive Center.  As receiver, Neyer untangled the comingled operation of the assets and addressed significant deferred maintenance issues.  Neyer successfully coordinated the receivership sale of the property with the Court's approval to an out of state investor group.

  Shoppes of Kenwood

The Offices At Polaris - Columbus, Ohio

Neyer was appointed Receiver, mitigating significant risks to the lender, while overseeing all financial and operational day-to-day issues including contract janitorial, deferred maintenance issues and security concerns.  This 210,000 sq. ft. Class-A suburban office complex is made up of two identical buildings north of Columbus.

  Shoppes of Kenwood

SHOPPES OF KENWOOD

When the owner of this center hit financial troubles, Neyer Management was brought in to right the ship. Although were given relatively little information to start, we were successful in pulling together an accurate picture of the financial condition of the property for the court and the lender. In addition to correcting some substantial liability concerns arising from deferred maintenance, we executed two large leases at the property that re-stabilized the asset and helped the lender’s recovery.
  Shoppes of Kenwood

CHESTNUT IV RETAIL PLAZA

Well-tenanted and in a relatively healthy retail submarket of Columbus, Ohio, this center held great potential for the lender to maximize their recovery.  Neyer was brought in to stabilize operations and catch up on some deferred items that were starting to erode satisfaction.  By quickly delivering on our commitments and meeting with the tenants extensively, we were able to retain their confidence through a sales process that was consistent with the lender’s desires.

Neyer has been retained by the new owner as well.
  Chestnut IV Retail Plaza

MEDWICK MARKETPLACE

1029-1205 N. Court Street
Medina , OH 44256

The parking lot was in rough shape when we became involved; asphalt crumbling, striping non-existent and mill/paving work needed. In 2015, almost 100k of repairs, mill/paving and pothole repairs along with concrete work was completed; in 2016, we continued with additional mill/paving work, pothole repair, concrete replacement and fresh striping.

The exterior perimeter block showed signs of significant failure and the tenant sign band & bell towers were dated/tired. In 2016, approximately 65k of exterior painting was completed (which included the perimeter block, tenant sign band and bell towers).

Medwick Marketplace is a 183,379 square foot grocery-anchored shopping center located in Medina, Ohio. The center is anchored by Marc’s Old Navy, Marshall’s and shadow anchored by a Super K-Mart. The property is located at the intersection of North Court Street and West Reagan in Medina, which is approximately 33 Miles south of Cleveland. In addition to the tenants mentioned above this center is occupied by Payless Shoe Source, Fashion Bug, Dress Barn, Rent-A Center, Bath & Body Works, Shoe Carnival, Deals, GNC, Sally Beauty, Old Navy, and many other national, regional and local retailers.
  Medwick Marketplace

Paducah Plaza

Leasing was the challenge with this asset when Neyer Management was appointed Receiver of the property with a 51% vacancy rate.  Neyer was able to lease all the vacancy spaces, including executing a lease with a national company.
  Shoppes of Kenwood

SHOPPES OF Hebron

The Shoppes of Hebron was a distressed property when Neyer Management was acquired to remedy the deferred maintenance.  Neyer immediately patched, sealcoated and striped the parking lot and also restored all outstanding utilities and life safety systems.  Neyer was also instrumental in assisting a current tenant to exercise their right of first refusal to purchase the property that was satisfactory to the lender and tenant.
  Shoppes of Hebron


SUPPORT SERVICES

The region’s only “Heavily Customized” management company. Property value enhancement is the overriding goal through maximizing occupancy and rental rates, and by achieving cost effective operations.
Systemized methods do not always address the complexity of and distinctions among assets. Neyer Management has found that one size does not fit all and realizes some may require services on a case-by-case basis. We provide a complete range of property management services for shopping centers, office buildings, medical offices and industrial properties. Our property managers are experienced and dedicated, not only to you the property owner, but also to satisfying the tenants. Property value enhancement is the overriding goal, through maximizing occupancy and rental rates, and by achieving cost effective operations.
  Distressed Assets / Receiver

SPECIAL SERVICES

  • Real Estate Tax Appeal Services
  • Institutional Quality Financial Reporting
  • Construction Management
  • Research & Consulting Specialists
  • Leasing & Brokerage Management Services
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3927 BROTHERTON ROAD, SUITE 200, CINCINNATI, OHIO 45209   •   PHONE: (513) 618-6000   •   FAX: (513) 618-6010
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