Click on titles
Property Stabilization
- Inspect Property
- Secure site and building access
- Reconnect utilities – electric, gas, phone
- Test and monitor mechanical systems
- Review and maintain existing property covenants if applicable
- Obtain casualty insurance
- Assemble property file
- Contact tenant(s) and condominium association if applicable
- Research delinquent real estate taxes
- Research outstanding building code citations
- Resolve any environmental issues and obtain NFR Letter
- Resolve any environmental issues to meet regulations
- Manage tenant relocation process when necessary
- Attract national tenants
Asset Management
- Establish operating budget
- Maintain accounts payable and accounts receivable
- Obtain third party reports including: title, legal, building condition, appraisal, market studies, etc.
- Maximize and maintain occupancy if applicable
- Appeal real estate tax assessment
- Supervise required property maintenance and repairs
- Interview, hire and oversee leasing broker if applicable
Strategy
- Establish client objectives and priorities
- Create action plan with several alternatives including timeline and budget for recommended actions
- Prepare and present cost/benefit/risk analysis
- Obtain required client approvals prior to implementation of any action plan items
Opportunity Assessment
- Conduct local market overview
- Provide competitive property overview
- Review third-party reports
- Review and confirm existing zoning and entitlements
- Review and confirm existing incentives such as TIF, Historic Tax Credits, Enterprise Zone, New Market Tax Credit, etc.
- Prepare redevelopment proforma
Court Services
- Appear for hearings and provide reports for Circuit Court, Chancery Division
- Appear for hearings and provide reports for Federal Bankruptcy Court
- Appear for hearings and provide reports for City of Chicago Building Court
- Testify as expert witness
- Receiver Sale
Storefront Properties Inc
- Prepare property for marketing
- Compile property due diligence
- Interview, hire and oversee real estate broker if applicable
- Provide brokerage services, if applicable, for sale to investor or developer, joint venture between client and local operating partner
- Monitor sales process and provide weekly updates to clients
- Manage due diligence process
- Closing