COMMERCIAL MANAGEMENT & RECEIVERSHIP SERVICES

Transcription

1 COMMERCIAL MANAGEMENT & RECEIVERSHIP SERVICES

2 FULLY INTEGRATED SERVICE LINES

3 NATIONAL COVERAGE FRIEDMAN OFFICE LOCATIONS: Boca Raton, Florida Columbus, Ohio Farmington Hills, Michigan HQ Indianapolis, Indiana Louisville, Kentucky Memphis, Tennessee Phoenix, Arizona

4 NATIONAL FOOTPRINT FRIEDMAN DIFFERENCE We manage 16 million square feet of commercial space and over 140 properties encompassing 7,000 apartment homes and across the country. In addition, our brokerage division has 792 current listings for lease or sale, totaling 100 plus million square feet of commercial space and investment properties. We are experienced operators of office, industrial, retail, multifamily, mobile home and storage properties. This diverse management expertise enables take on portfolio assignments that include a mix of property types and to develop and extend best practices across multiple property lines. TEAM APPROACH Friedman utilizes a team approach for every assignment. With our integrated services lines, we are sure to have the property covered from every angle. The regional property manager will work in conjunction with leasing, accounting, human resources, risk management, information technology, construction and design, legal and marketing to pro-actively manage the properties. While each department allocates time to the property, you will have a single point of contact to provide timely responses and thorough updates on a regular basis. GOAL ORIENTED Our property management team works closely with our clients to set goals and commit the necessary resources to provide a superior level of service our customers. Our property managers are service professionals with strong local market knowledge. Our team possesses an unparalleled sense of urgency and observes a quick response policy for our customers and residents. While our team has a proactive management approach, in the event of an emergency situation, we have the proper protocol and systems in place to ensure immediate attention is given and best possible result achieved. WE ARE AN EXPERIENCED COURT-APPOINTED RECEIVER Our company has been appointed by various courts to oversee literally hundreds of commercial assets in jurisdictions located throughout the country. At present, we are acting as court appointed receiver in over 30 property-related cases. To say that we are familiar the intricacies and nuances of these types of assignments would be a significant understatement.

5 DISTRESSED ASSET SERVICES Skilled team of turnaround specialists who provide a broad range of services to lenders and servicers involved with financially troubled real estate. Team members consist of accountants, attorneys, property managers, construction and brokerage professionals with hundreds of years of combined experience. Provide all turnaround services asset evaluation, property and asset management, accounting and financial reporting, marketing, leasing, asset and loan sales, construction, receivership and workouts under one roof, which: Provides lender/servicer with single point of contact; Saves money by eliminating duplication of fees; and Ensures fastest, most profitable recovery. CROSSROADS TOWN CENTER HOWELL, MICHIGAN RETAIL - 36,795 SF ING CLARION NOTTINGHAM APARTMENTS KALAMAZOO, MICHIGAN MULTIFAMILY 283 UNITS BERKADIA SUMMIT APARTMENTS FARMINGTON HILLS, MICHIGAN MULTIFAMILY 154 UNITS CHARTER ONE BANK PARKWOOD PLAZA OAK PARK, MICHIGAN RETAIL - 147,178 SF JER PARTNERS LYONS TECHNOLOGY CENTER COCONUT CREEK, FLORDIA OFFICE - 41,367 SF LNR PARTNERS FIRST NATIONAL BUILDING DETROIT, MICHIGAN OFFICE - 800,000 SF PNC BANK

6 REO/RECEIVERSHIP

7 COMMERCIAL MANAGEMENT SINGLE-SOURCE SOLUTION Our firm utilizes an approach to real estate management that is unique in our market. Instead of outsourcing certain key aspects of the management process, we provide all services in-house, offering a single -source solution for all of our clients. We accomplish this by combining our expertise in the following areas: Physical Property Management and Maintenance Construction/Architectural Services Lease Administration & Management Property Accounting and Reporting Innovation and Technology By reviewing each section hereunder, you will gain an understanding of how we bring together each area of service into one cohesive management system. Once you review our solution, we are confident that you will agree that Friedman is the clear choice to manage and lease your real estate projects. PHYSICAL PROPERTY MANAGEMENT AND MAINTENANCE Friedman provides top quality physical property management and prides itself on timely, consistent and comprehensive communication with both clients and tenants in the following ways: Property Review and Inventory. A complete review of the property will be performed, including an evaluation of the property s physical condition and appearance, in order to provide you with a checklist of recommendations that may enhance the appearance and value of your asset. Service Contract Management. We ensure that contractors perform both effectively and economically. We service contracts that ensure the fees charged and services provided fulfill the requirements of the property. We leverage our size and our long-standing relationships to obtain the best prices from our vendors and suppliers. All vendors use our standardized vendor contracts, which have been specifically tailored to protect the client as much as possible. Service Requests. In addition to our regularly scheduled maintenance, we provide a dedicated, 24-hour service department for all nonscheduled maintenance items, including HVAC, electrical and plumbing repairs. After our service coordinator receives a request, the service is scheduled, the tenant is contacted with the time and date of service, and a follow up call is made to confirm that the appropriate action was taken and the problem rectified. We work closely with our client to make sure that you are kept apprised of all maintenance issues on a timely basis. Tenant Relations. Tenant relations drive our approach to management. Our property managers meet regularly with our tenants, at least once every ninety days. Our goal is to obtain feedback on our performance and to determine how we may better serve our tenants changing interests. This helps us maintain our 95% tenant retention ratio.

8 CASE STUDIES FORMER OFFICE DEPOT CALL CENTER CASTLE CREEK CORPORATE PARK City, State Boca Raton, Florida City, State Indianapolis, Indiana 137,500 SF 326,000 SF Receivership, Management, Leasing, Disposition Receivership, Management, Leasing In 2010 Friedman was appointed as receiver for the SF former Office Depot Call Center in Boca Raton Florida. Working with its Newmark Knight Frank affiliate in Florida Friedman has sourced several potential users for the building whose business operations are permitted under the local jurisdiction s strict zoning ordinance. We anticipate that either a full building lease or sale will be consummated with one of these parties during the first quarter of In 2010, Friedman was appointed as receiver for the 4-building, 326,000 SF office complex in suburban Indianapolis known as Castle Creek Corporate Park. Friedman is currently working to remediate some of the properties physical issues, remodel the lobby of one building, renew several existing tenants and reduce the properties real estate tax expense by way of a property tax appeal. We anticipate that the building will be offered for sale by Friedman during the second quarter of 2011.

9 CASE STUDIES BELL 28 FIRST NATIONAL BUILDING City, State Phoenix, Arizona City, State Detroit, Michigan 110,000 SF 800,000 SF Receivership, Management, Leasing, Disposition Acquisition, Due Diligence, Receivership, Management, Leasing, Disposition In 2010 Friedman was appointed as receiver for the 2-building, 110,000 SF office complex in Phoenix, Arizona known as Bell 28. The property is in pristine condition, but is just 24% occupied at the present time. In conjunction with its local brokerage affiliate, Friedman has initiated an aggressive marketing campaign designed to attract new tenants to the site. We anticipate that Friedman will offer the property for sale during the third quarter of Working in conjunction with court-appointed receiver, completed façade and parking garage restoration, remediated fire damaged tenant suites, replaced HVAC system and renewed over 150,000 SF of expiring leases. With building operations now stabilized, the lender has made the property s mortgage available for purchase.

10 CASE STUDIES PENOBSCOT BUILDING 150 STEPHENSON City, State Detroit, Michigan Location Troy, Michigan 1M SF Receivership, Management, Leasing, Through receivership, stabilized building operations and reduced expenses. Also stabilized occupancy and completed significant capital improvements while preparing property for eventual sale. 103,000 SF Receivership, Management, Leasing, Tax Appeal, Sale Outcome: After the 150 Stephenson building was vacated by troubled auto supplier Collins & Aikman, we were appointed receiver for the property, with the task of quickly leasing and stabilizing the asset for immediate disposition. After getting a handle on the property (part of a larger condo office project with some deferred maintenance), we secured a lease with Valeo, a large French automotive firm, for the entire property. Shortly thereafter, we sold the property to an out-of-state investor at a price in excess of the debt balance.

11 CASE STUDIES NEW KING OXFORD POINTE Location Troy, Michigan Location Southfield, Michigan 56,115 SF 80,966 SF Receivership, Management, Leasing, Disposition Receivership, Management, Leasing, Disposition Outcome: Secured long-term lease with Belgian automotive supplier for 50% of the property, and subsequently, sold the building to a user who occupies the balance of the space. Outcome: In 2009, Friedman was appointed receiver for the 81,000 SF building, and identified several large prospects for lease, as well as several owners / users for the sale of this asset. In the sale of the building, Friedman Procured 6 offers through a streamlined 60 -day marketing process. Sold the property to a local investor, who posted a $500,000 at-risk deposit upon execution of the contract and closed within 30 days.

12 CASE STUDIES WATERSTONE PLACE APARTMENTS NORTHPOINTE APARTMENTS Location Indianapolis, Indiana Location Columbus, Ohio 192 Units 270 Units Management, Disposition Receivership, Management, Disposition Outcome: Engaged by court appointed Receiver to dispose of this 192 unit multifamily property. After an extensive marketing effort, a local purchaser was selected who was willing to wait for the court to approve the sale, and posted a large deposit. Outcome: Engaged by Special Servicer to dispose of this 270 unit multifamily property. After multiple offers, an out-of-state purchaser was secured who closed the transaction 20 days after signing the contract with a $100K non-refundable deposit.

13 CLIENTS BANKS INSURANCE COMPANIES SERVICERS

14 TEAM MEMBERS DAVID FRIEDMAN President & CEO Mr. Friedman started his career as a licensed real estate broker in In 1987, he launched Friedman Integrated Real Estate Solutions as a boutique brokerage firm specializing in the leasing of office and industrial space located throughout Metro Detroit. Today, Friedman employs a staff of over 250 brokers, leasing agents and diversified professionals who maintain property listings and real estate assignments across the country. The company s unparalleled growth reflects Mr. Friedman s dedication to innovation and creativity. Friedman is widely recognized for their expertise in a range of real estate disciplines, including office, retail, land and investment sales, tenant representation, property management, asset management, development and construction. E: david.friedman@freg.com P: Mr. Friedman is a licensed real estate broker in the states of Michigan, Florida and Arizona. He is an active member of the Society of Industrial and Office Realtors and the International Council of Shopping Centers. He publishes a biannual report on the state of the Detroit-area real estate market and is a regular speaker on the local talk circuit. Mr. Friedman was a recipient of the 2010 ULI/ Crains Overall Real Estate Excellence Award. STANLEY H. FINSILVER Executive Vice President Stanley Finsilver is Executive Vice President of Friedman Management Services and President of Friedman Construction and Design Company. Mr. Finsilver is a licensed builder and contractor and has over 30 years of experience in the real estate construction business. He is also a recognized leader in the turnaround management industry and is regularly called upon by lenders and servicers to assist in the stabilization of underperforming and REO assets. Mr. Finsilver oversees the operation of both Friedman Management Company and Friedman Design and Construction Company. E: stan.finsilver@freg.com P:

15 TEAM MEMBERS CHARLES DELANEY CFO & COO E: Chuck Delaney is Chief Financial Officer and Chief Operating Officer for Friedman Integrated Real Estate Solutions. Mr. Delaney is a 30-year real estate industry veteran and is responsible for overseeing the fiscal operations for each of Friedman s operating companies. Mr. Delaney manages the firm s receivership practice and oversees the company s accounting and reporting departments. He is a 1979 graduate of the University of Michigan and is a licensed real estate broker and CPA. P: BRIAN C. BASS Vice President, Commercial Management Services E: brian.bass@freg.com P: Brian Bass is currently Vice President of Commercial Property Management. As a valued team member since 1994, Brian has built his reputation as an astute, lead by example manager by adding value beyond those traditional skills provided by many qualified real estate professionals. Brian s wide range of real estate experience and attention to detail has contributed to his success in many areas within the industry including, site planning and design, entitlements, civil engineering, ground-up construction, and office/retail/industrial re-development projects. Brian also assists with obtaining commercial fee-management business. Brian graduated from Michigan State University in 1992 with a Bachelor of Science Degree in Materials and Logistics Management. He is also active with IREM and is currently a CPM Candidate. ERIC SLUTZKY Director of Lease Management Eric Slutzky, valued team member for eleven years, is both a licensed real estate salesperson and a licensed attorney in the state of Michigan. Eric brings almost thirteen years of experience in commercial leasing, space planning, and management to his position as Director of Leasing Management for Friedman. Eric received his Bachelors Degree from University of Michigan, and his Juris Doctorate from the Detroit College of Law. E: eric.slutzky@freg.com P:

16 FRIEDMAN HQ W TWELVE MILE ROAD FARMINGTON HILLS, MI ARIZONA FLORIDA INDIANA KENTUCKY MICHIGAN OHIO TENNESSEE