CASE 13 — RETAIL CENTER

Services Provided:
Receivership, Property Management, Consulting, Construction Management and Leasing.

Assignment:
Take over as Receiver on a failing, large strip center, approximately 40% vacant with roof leaks, weekly plumbing stoppages, electrical outages, disgruntled tenants withholding rent, and other problems.

Results:
During a two-year period, first as a receiver and then as a property manager, consultant, leasing manager and construction manager, Wyant corrected the physical conditions, re-established rapport with the tenants, prepared a complete market analysis and business plan and dealt directly with the CEO, CFO, and VP of the two savings banks who held the loan. The value of the property on final foreclosure was $1.1M with a $1.9M loan against it. The banks agreed with the market analysis and new business plan and decided to invest more money to refurbish and reposition the property. Two AAA tenants signed new leases at top of market rates, other existing tenants were renegotiated into space in the center and the end result was a sale price on the property of over $2.7M. The banks not only saved the $800,000 loss, but also covered all their improvement expenses for the property and made a substantial profit.

CASE 14 — OFFICE BUILDING

Services Provided:
Receivership, Consulting, Property Management, Construction Management and Leasing.

Assignment:
Take immediate possession of a failing office building in Alhambra and manage the property through a judicial foreclosure, estimated to take over twelve months.

Results:
Wyant and Associates took possession through the court order, corrected deferred maintenance and other tenant complaints, prepared a market analysis and evaluated all potential solutions. With an educated perspective, Wyant negotiated with the bank CEO and CFO and the original development/investment group. An agreement was reached with all parties ending in a "win-win-win-win" situation. The bank's loan was cured, the owners maintained ownership, the tenants received professional management, and Wyant retained the management contract. Two years later, in a tough market, the project was 100% leased!