This wouldn’t be an interesting topic if we discussed it in 2004, when there were minimal commercial property foreclosures, if any. However, in today’s economy, a lot of properties are purchased as a result of a foreclosure, rather than by agreement between the owner and seller. Purchasing commercial property through a foreclosure sale poses some interesting and significant issues and problems as well as opportunities for investors, property managers and attorneys.
Further complicating everyone’s job are situations in which the buyer is the lender, foreclosing on the property.
This show will address some of the key issues faced by property managers and attorneys who represent buyers after the purchase of a commercial property after foreclosure.
While property managers and the owners attorney have the same general responsibility to maximize revenue, profit and value of the property, their focus is a little different. So we have invited some very experienced professionals to provide the property manager and leasing brokers perspective.
Featured guests for this show will be Kevin Cavanaugh, Chief Operating Officer and Jim Patton, Director of Leasing & Acquisitions, both of NewMark Merrill Companies, reported as one of the fastest growing private companies since 1997. Newmark Merrill is a real estate, acquisition, development, property management and leasing company focusing on retail and shopping center properties.
Kevin P. Cavanaugh is a member of the American Institute of Certified Public Accountants, California Society of Certified Public Accountants, California Bankruptcy Forum, International Council of Shopping Centers, Association of Insolvency and Restructuring Advisors and the California Receiver’s Forum. Mr. Cavanaugh is currently a member of Bay Area Bankruptcy Forum, serving as Treasurer and serves as President of the CA Receiver’s ForumBay area chapter board. Since 1983, Mr. Cavanaugh has been involved in over 500 transactions totaling in excess of 1.25 billion in retail sale and lease transactions.
As NewMark Merrill’s Director of Leasing and Acquisitions, Mr. Patton is responsible for acquiring existing shopping centers for the company, as well as securing management contracts, and sourcing raw land for development. Additionally, Mr. Patton directs small to midsize tenant leasing for NewMark Merrill’s 42 Southern California properties. Mr. Patton has over 18 years experience in the commercial real estate industry, beginning his career under the direction of Mr. Sigal at West Venture Companies in 1991. As Director of Business Development for West Venture’s commercial division, Mr. Patton added over 1 million square feet of retail space to the company portfolio.