Distressed Property Services
Price Edwards and Company has provided distressed property services to over 50 properties comprising over 3.6 Million square feet of office, retail, and industrial space, and over 7,000 apartment units.
Court Appointed Receiverships
Price Edwards and Company principals have served as Receiver on over 50 retail, office, industrial, and multifamily properties across Oklahoma. Given the current realities of both the financing and tenant markets, lenders are now finding themselves in a position where they need to quickly gain control of assets in an effort to avoid further physical deterioration and loss of value.
Once installed as Receiver, via court order, Price Edwards and Company and its staff will move to secure the property, gain control of all operating accounts, notify all vendors, interview and evaluate the level and competency of existing staff, document the current condition of the physical plant, review all vendor pricing and scope of services, obtain all relevant lease files and records, assure proper levels of insurance are in place, and begin to build a relationship with existing tenants or residents in an effort to stabilize property related income streams. Once these and a variety of other foundational measures are taken, a property specific asset plan can then be initiated.
Price Edwards and Company is very familiar with the requirements associated with the court approval process, bonding requirements, the detailed financial reporting, and the obligation to serve as an officer of the court until formally dismissed.
Leasing and Market Assessment
Price Edwards and Company has leased literally hundreds of office, retail, industrial and multifamily assets in Oklahoma. Understanding an asset’s position and perception in the marketplace, being able to identify the existing impediments to achieving a successful leasing program, and what measures are required to properly reposition an asset, all require an extensive background in the leasing of commercial space. The firm closes hundreds of leases each and every year, which has provided our brokers unique opportunities to understand what is important to tenants beyond simply the rental rate, and therefore what specific issues need to be addressed in order to increase income streams and maximize the ultimate value of the asset. A summary of directly competing properties is created, outlining the positives & negatives of each, thus allowing the client to know exactly where the property stands in relation to the competition. Finally, the firm’s regular market studies provide clients in–depth data on the market in terms of overall vacancies, space absorption, rental rates and projected new construction.
Price Edwards and Company is one of the largest, most knowledgeable and experienced commercial real estate service firms in the Southwest. Our clients include insurance companies, pension funds, local partnerships, TICs, syndication groups as well as corporate owner occupants looking to maximize the operating efficiencies of their real estate assets.
Price Edwards and Company’s greatest resource is its ability to balance owner objectives and tenant needs. The result is one which maximizes the immediate yield and promotes long term capital growth. The key to our success in this area is effective planning, careful cost/benefit analysis, prudent handling of expenditures, and creative approaches to enhancing revenues.The retention of tenants is one of our most important goals. This is the “acid test” in determining management effectiveness. To date, Price Edwards and Company has a tenant retention ratio of approximately 90%. This critical aspect avoids the interruption of revenue streams as well as the retrofitting expense associated with a new tenant. By responding to tenant needs promptly and courteously we earn their respect and loyalty. By keeping the property attractive and well maintained, we promote the attraction of new tenants as vacancies do occur.
Another critical aspect of our modern property management approach is our effort towards energy conservation. Price Edwards and Company is a leading force in the institution of thorough preventive maintenance programs. Our supervisors and on–site engineers have the experience, training and certification to deal with almost any mechanical problems which may arise. This insures uninterrupted heating and cooling to the building, peak operating efficiencies, the longest possible life of the equipment, and lowest utility costs.
Communication with the owner is an integral part of our formula. By creating thorough, accurate and timely financial reports all relevant parties are assured of knowing exactly how the property is performing financially. Our staff is experienced at all facets of the reporting process and has the flexibility and expertise to meet any specific reporting requirements.
In summary, Price Edwards and Company offers the very best in first–class property management services. We have the training, the personnel and, above all, the track record to assure the property receives the attention it deserves and yields the maximum investment returns.
Physical Plant Assessment
Given Price Edwards and Company’s 20–plus year history of managing commercial properties, we offer a unique ability to be able to quickly analyze and discern the overall physical condition of these assets. Staff within the firm’s construction and engineering divisions will provide detailed written summaries of such critical areas as: roofing, HVAC, parking lot areas, window systems, caulking, elevators, restrooms, interior and exterior lighting, as well as condition of common area finishes. Of particular importance, HVAC systems will be carefully evaluated to discern the quality and regularity of preventive maintenance procedures, and the extent to which energy management measures have been taken. Many times there exist immediate opportunities which can yield energy savings of up to 30%, thereby increasing the asset’s operating income dollar for dollar.
Broker Opinion of Value
Price Edwards and Company’s Investment Sales Division has generated numerous BOV’s over the last 20 years. The firm’s constant monitoring of market dynamics, including capitalization rates, debt markets, and transaction velocity, allows our brokers to provide the most comprehensive and accurate data of any firm to support its valuation conclusions. The firm publishes the most highly regarded studies of the Oklahoma City retail, office, industrial and multifamily markets which add further credibility to the underlying data. Finally, by being able to take advantage of the knowledge of the firm’s leasing brokers and property managers, the investment analysis contains the most relevant and accurate information in terms of measuring future income streams and operating costs.
Price Edwards and Company’s Investment Division brokers have represented hundreds of sellers and buyers of office, retail, industrial, multifamily, and commercial land assets. The firm’s total transaction volume exceeds of $1 billion. Each Investment Division broker specializes in a particular asset type, thereby assuring clients a high level of experience and in–depth knowledge of each market segment. Marketing brochures and packages are prepared quickly, and include all relevant property, market and economic data to maximize the value of the asset. The firm’s extensive electronic data base, which approximates 10,000 entities and individuals, is constantly being updated and refined to generate maximum interest. Further, as the Oklahoma member of TCN, a national brokerage network, we are able to include all properties listed for sale in its data base, which adds another 25,000 buyers. TCN listings are sent electronically to buyers and brokers across the country every two weeks. In the final analysis, Price Edwards and Company can assure clients the highest level of professionalism and performance when it comes to selling commercial assets in the Oklahoma market.
PARTIAL LIST OF RECEIVERSHIP REFERENCES
Bank of America
Bank of the West
Commercial Federal (Bank of the West)
JP Morgan Chase
Midland Loan Services
Insurance & Annuity Association
The Federal National Mortgage Association
PARTIAL LIST OF RECEIVERSHIPS
First National Center
Lincoln Plaza Office Building
2525 NW Expressway Office Bldg
Alameda Square Shopping Center
Berkshire Plaza Shopping Center
Brookwood, North I & II Shopping Center
Bryant Square Shopping Center
Cambridge Landing Apartments
Canadian Square Shopping Center
Crossroads Shopping Center
Edmond Plaza Shopping Center
Kelly Plaza Shopping Center
Rockwell Plaza Apartments
Rockwell Plaza Shopping Center
Southwestern Plaza Shopping Center
Tammaron Village Apartment
United Founders Tower
Walker Square Shopping Center