Assignment The disposition of 31 New Mexico Convenience/Gas Stations located in the Albuquerque area. In June 2010, the Receiver requested BOVs on each station. Our directive was to achieve the highest sales price for the Lender.
Results All properties are currently under contract to two separate buyers. The major purchaser is acquiring 28 of the properties. Closing is scheduled to occur in the second quarter of 2011.
Assignment Dispose of a portfolio containing eight Applebee’s in South Texas for a Lender. Each restaurant had declining sales, were in poor condition and being operated on a shoestring budget.
Results We utilized our database and marketed the properties both as “one-offs” and portfolio sales. We sold the properties as a portfolio for more than the loan and recouped all of the losses for our client.