The property consisted of a diverse real estate and operating business portfolio. The real estate portfolio consisted of various single occupant tenants including a corporate run Jack in the Box, flooring store, a California DMV office, various hardware stores, a former bank branch location, various single family homes and a truck accessories store. Additionally, the operating businesses included an operating hardware and lumber supplier and a sand and gravel distributor.
Project Description
Douglas Wilson Companies (DWC) was tasked to preserve and protect the assets in the portfolio, including the authority to take possession of the real properties, exercise all rights of the landlord under any lease of the properties and manage the businesses.
Scope of Work
The Receiver was tasked to perform a variety of real estate activities, including property management, leasing the vacant properties and responding to purchase offers. Additionally, the Receiver provided management and accounting oversight to the operating businesses. This included approval of all accounting activities, assisting in the collection of aged receivables and assisting with oversight of local employees. Finally, with the assistance of counsel, the Receiver was able to successfully litigate various aged receivables and mechanics’ liens to payoff.
Project Resolution
The Receiver was discharged.
Project Name
Weyrick Portfolio
Client
Superior Court of the State of California, San Luis Obispo County
Location
California
