Melrose Park, IL – September 29, 2010 – (RealEstateRama) — The Specialty Practice Group, a division of Lee & Associates Asset Management Group (LAM), has been appointed as receiver of a 500,000-square-foot office and industrial complex in Melrose Park, Ill., by the Cook County Court System.
“We are extremely happy that our Asset Management and leasing team, which also includes the Specialty Practice Group, was selected as receiver on this complex project,” said J. Raymond Gallivan, president of LAM. “It’s always gratifying when you have the confidence of both the client and the court to recognize our expertise and our ability to reposition a challenged property while maintaining superior tenant relations.”
According to Gallivan, who is unable to provide specfic details of the receivership, this assignment presents some challenges, particularly in these unstable economic times. Nonetheless he is confident that improvements to the complex and other management changes will be well received.
“There are many factors involved in the maintenance and management of a property in receivership, including re-establishing tenant confidence, the vigilance of reporting to all parties involved in the receivership process and the preparation of operating and capital improvement budget recommendations,” he said.
LAM, which specializes in property management, receiverships and workouts, currently has more than 7 million square feet of property under management with more than 150 tenants. For more information please contact Ray Gallivan at 773-355-3012.