This facility had been performing for 35+ years without missing even one quarterly distribution to its investors. An announcement outside our control, that state and local authorities would be impacting access to our property for 2-3 years for various projects, left us wondering how the investors could best be protected.
The two options were to work with planning authorities to reconfigure access to the property, both time consuming and expensive, or to evaluate the property for sale. We worked simultaneously on both solutions, but ultimately recommended the property be sold. We delivered the information and permits obtained through date of sale to our buyer to give them maximum flexibility.
It’s never easy to relinquish a management contract, but we do so when it’s in the best interest of our owners. We work alongside them as an intermediary to the buyer, the broker and to counsel, providing due diligence review items, personnel severance solutions and updates to the arms-length owner.