The idea came about as CBC Griffin considered "its on-going enhancement efforts related to service offerings to lenders and investors facing today's challenging real estate environment," according to a release.
William Ostlund, CBC Griffin president, tells GlobeSt.com that the decision came as a result of the firms 40 years of experience in the market and around distressed properties. "Our team approach and years of experience around multiple disciplines that make us uniquely qualified to understand needs and deliver solutions," he says.
"CBC Griffin has a long track record of providing receivership services from maintenance to property management to disposition in all asset classes all with the goal of maximizing asset value," Ostlund says.
Properties they will work on include those that are not meeting investor expectations as a result of management issues, defaults, debt obligations or valuation. The new division will also focus on market analysis, receivership services, securing unoccupied assets, investor/lender representation and asset disposition.
The division will focus on all property types. "We believe that all asset classes have been affected by the current market conditions. Retail may be experiencing the most pain presently but other asset classes will follow," Ostlund tells GlobeSt.com.
CBC Griffin plans to grow the division by hiring more employees as the demands grow. "There is little doubt that growth will happen, since the demand is acute," Ostlund says. "Adding staff will be driven by the volume of properties, scope of services required and location of the properties."
"These days there are huge stresses in the markets, when you take into account job losses and underperforming assets," Ostlund says. "People are faced with the need to review and re-analyze their assumptions about investments and what their current options are. This is the point at which we provide a valuable and timely service." He anticipates that other firms will follow suit, to meet the market's needs.
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