COMMERCIAL REAL ESTATE

Asset Resolutions & Seller Representation | First Financial Credit Union

Mitch Doner, Commercial Real Estate Broker and Vice President, Director of Asset Resolutions at Bradley Company Indianapolis office
Vice President & Director of Asset Resolutions | Managing Broker
Services Provided
Asset Resolutions
Seller Representation
Statistics
± 13,265 SF on ± 1.26 AC
Client
First Financial Bancorp

Client
Case Study

9775 North By Northwest Boulevard

Fishers, IN

Background

First Financial Bank, N.A. (“FFB”) and their Attorney appointed Mitch to liquidate a conference & banquet center with interstate frontage due to Mitch’s experience with Sheriff Sales via Private Auctioneer. Mitch was charged with liquidating the real property while there was a fully-operational business in place, all the while attempting to foster a relationship with the now uncooperative and disobliging owner of the real property, who also owned the operational business.

Strategy

Through the foreclosure process, ties between FFB and the property owner became strained, which nearly derailed FFB’s liquidation efforts. Mitch Doner at Bradley Company Indianapolis worked through the legal process with FFB’s Attorney and the Sheriff’s Department, marketed the property for sale at auction, cared for the existing tenant so as to not disrupt business operations, ensured that all prospective bidders understood the situation and manner of liquidation, conducted the auction, and handled all post-closing items with the successful bidder and the Sheriff’s Department.

Results

After conducting many on-site inspections/previews with prospective bidders and exhausting all marketing efforts, a successful auction was conducted at the subject property. A sale price of approximately 40% above the previously-obtained opinion of value was achieved at the auction, FFB did not exercise their right to bid against their awarded summary judgment and the property was sold to a third party. Mitch worked with the successful bidders, their lender, FFB’s Attorney, and the Sheriff’s Department to draft the necessary conveyance & legal documents so a closing would be accommodated within four weeks after the auction.

STRATEGY

First Financial Bank, N.A. ("FFB") and their Attorney appointed Mitch to liquidate a conference & banquet center with interstate frontage due to Mitch’s experience with Sheriff Sales via Private Auctioneer. Mitch was charged with liquidating the real property while there was a fully-operational business in place, all the while attempting to foster a relationship with the now uncooperative and disobliging owner of the real property, who also owned the operational business. Through the foreclosure process, ties between FFB and the property owner became strained, which nearly derailed FFB’s liquidation efforts. Mitch worked through the legal process with FFB’s Attorney and the Sheriff’s Department, marketed the property for sale at auction, cared for the existing tenant so as to not disrupt business operations, ensured that all prospective bidders understood the situation and manner of liquidation, conducted the auction, and handled all post-closing items with the successful bidder and the Sheriff’s Department.

RESULTS

After conducting many on-site inspections/previews with prospective bidders and exhausting all marketing efforts, a successful auction was conducted at the subject property. A sale price of approximately 40% above the previously-obtained opinion of value was achieved at the auction, FFB did not exercise their right to bid against their awarded summary judgment and the property was sold to a third party. Mitch worked with the successful bidders, their lender, FFB’s Attorney, and the Sheriff’s Department to draft the necessary conveyance & legal documents so a closing would be accommodated within four weeks after the auction.

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