A 99 bed acute care hospital, 22,000 square foot office building, and 250 car parking garage, located in Culver City, California. The client acquired the property through a deed in lieu of foreclosure after the previous owners abandoned the facility with only 48 hours’ notice to patients and staff.
Douglas Wilson Companies stepped in following the abandonment of the property to stabilize the assets.
Initial services included interfacing with public agencies and the bankruptcy trustee, forensic accounting, collecting receivables, preserving medical records, inventorying and selling medical equipment at auction, removing medical and hazardous waste, overseeing security, and performing day-to-day property management functions. Once the asset was stabilized, DWC prepared a comprehensive disposition program, focusing on alternative uses of the property.
The asset was sold for $6.05 million.
Washington Medical Center
Douglas P. Wilson
Culver City, CA
Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.
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San Diego, California 92101