Weathering the Storm: Lake Charles Power Center

Challenge

The Lake Charles Power Center in Lake Charles, LA, faced significant hurdles. The property was in foreclosure, and we were working directly with the lender. Recent hurricanes had physically impacted the property, causing damage to the roof and structure. Additionally, these natural disasters complicated efforts to obtain recoveries and accurate financial records for previous years, adding to the complexity of the situation.

Actions

To tackle these challenges, we implemented a multi-faceted strategy:

  1. Assessment and Planning: Our asset and property managers conducted a thorough assessment of the hurricane damage and worked closely with contractors to outline necessary repairs.
  2. Lender Collaboration: Our team maintained constant communication with the lender to keep them informed and involved in decision-making processes.
  3. Financial Reconstruction: Worked diligently to piece together the financials from previous years, collaborating with the asset and property managers at Stirling to recreate previous years’ financials.
  4. Marketing and Outreach: Developed a comprehensive marketing plan to highlight the property's potential despite the recent setbacks, targeting investors with interest in value-add opportunities.

Results

Despite the significant challenges, we successfully sold the Lake Charles Power Center. We received multiple offers, many of which were all cash with the ability to close in 45 to 60 days. We went back to all the buyers and successfully conducted a "best and final" offer scenario. Our efforts not only restored the property to a marketable condition but also reassured potential buyers of its long-term value. The sale was completed to the satisfaction of the lender as well as the buyer. Both parties were pleased with the ultimate outcome.

Testimonial

"Thank you for a great and smooth transaction. You navigated the challenges of due diligence and closing extremely well, and I am grateful to have had the chance to work with all of you. You were a pleasure to work with each step of the way, and I am excited to keep working with you going forward."
- Eli Rabinowich, Ocean Bay Partners