The tasks consolidated by Deloitte are primary accounting functions such as accounts payable, reporting and job cost accounting as well as tenant administration, including billing and cash receivable management. The outsourcing is to allow Midland Red Oak to integrate all of its financial operations and make it easier to check portfolio information and performance indicators.
The service contract covers about 3.7 million sf of Midland Red Oak's portfolio. The Midland-based firm's portfolio consists of 19 properties with an estimated current value of $200 million. The portfolio is comprised of 77% retail and 23% office assets.
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