JCF Real Estate ended the fourth quarter of 2011 by being named the manager on four additional properties in Illinois on behalf of a financial institution.
The four properties appointed to John Fitzmaurice’s firm, Schaumburg, Il., are located in Chicago, Bolingbrook, Morris and Cicero. The newest additions to the REO management portfolio represent commercial, flex, medical office and industrial product types.
Currently, the firm’s assignment group includes nearly 100 receivership and REO assignments throughout the Windy City region.
“We’re starting to observe movement in the distressed market so far this year,” said Michael Goebig, vice president of the receivership/management team at JCF Real Estate.
As receiver or manager, JCF Real Estate will establish property management procedures that will stabilize, protect and preserve the asset including supervision and maintenance of the properties, collection of rents and fees, and supervision of third-party contracts and utilities. The firm will also oversee lease management, budgeting, and financial reporting as well as assist with the ultimate disposition of the property.
The property types range from single- and multi-family properties, industrial, office and retail buildings as well as farmland and commercial lots.
Goebig added that there has been a shift between the number of receiverships and REO assignments given to the firm throughout the course of the year. In the beginning of 2011, he said receiverships were more prevalent, but the end of the year more REO management assignments were appointed to JCF.
Goebig said he anticipates the latter trend to continue in 2012.
