The Missner Group was appointed as a court-receivership of 14 distressed properties throughout the Chicago area through the end of the fourth quarter last year.
By being named as receiver, The Missner Group will establish property management procedures that will help stabilize, protect and preserve these assets. The Skokie, Ill.-based firm will also oversee lease management, budgeting and financial reporting on behalf of the bank.
The 14 Illinois properties appointed to The Missner Group are located in Addison, Carol Stream, Glendale Heights, Wood Dale, Inverness, Elk Grove Village, Olympia Fields, Joliet and Buffalo Grove. These properties represent a mix of industrial, office, residential and medical office buildings.
The Missner Group provides real estate development and construction services throughout the Midwest. The firm has completed more than $800 million in construction projects and coordinated the development of six million square feet of commercial and industrial real estate in this region since 1945.
“We are now seeing another wave of commercial property foreclosures,” said Barry Missner, president of The Missner Group. “Acting as receiver and/or manager is a natural extension of our knowledge base and expertise. We can easily provide banks with peace-of-mind and ease their burden by applying our management expertise and bringing these properties back to stabilization.”
