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Advisory Group Hired to Sell Former Bankrupt Company’s Property

APR 29, 2013 3:19pm ET
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A federal receiver has hired GA Keen Realty Advisors to market a 48,250 square-foot office building in Cedar Falls, Iowa.

The New York-based advisory firm was retained by Order of the U.S. District Court, Northern Division of Illinois and will work with the court appointed receiver, Chicago-based attorney Michael Eidelman, in marketing the building and property.

Built five years ago, this asset is a Class A professional office building that includes 108 exterior parking stalls and 43 underground spaces. The exterior is all glass and features finishes of bamboo, cork, carpet and natural stone.

Amenities for the building also include a two-story atrium, kitchen and cafeteria, an exercise facility with locker rooms, a day-care center and office configurations with movable systems.

The building is the former headquarters of Peregrine Financial Group, owned by Russell Wasendorf, Sr., which filed for bankruptcy in July 2012.

The bid deadline to put an offer up for this property is May 24, with an auction scheduled for a week later. Bid offers are being accepted by the Receiver prior to the auction.

“This is a world-class building that is an outstanding location for a corporate headquarters or a tremendous opportunity for an investor,” said Matthew Bordwin, co-president of GA Keen Realty Advisors, in a press release. “The building’s sustainable design and highly desirable amenities make it an attractive purchase for a variety of users.”

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