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.
Project Description
Douglas Wilson Companies stepped in following the abandonment of the property to stabilize the assets.
Scope of Work
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.
Project Resolution
The asset was sold for $6.05 million.
Project Name
Washington Medical Center
Client
Douglas P. Wilson
Location
Culver City, CA
