TAMPA, FL-ICORR Properties Holdings purchased Citrus Park Shops for $1.75 million in an all-cash transaction. The property went into foreclosure in mid-2010 and was sold through a court-approved receivership.
Lacey Willard, associate director of CB Richard Ellis’ Recovery and Restructuring Services Group in Florida, acted as the court-appointed receiver. Mark Shellabarger with CBRE's Private Client Group in Tampa marketed the property for sale on behalf of the receiver.
“These kinds of deals don’t happen quite that often,” Willard tells GlobeSt.com. “There are a lot of court-approved procedures, as well as title company procedures, in order to effectuate a receiver sale. So we brought together the strategic plan and were able to take the property to market through the receiver’s agent.”
A receiver sale allows for an expedited sale of the property pre-foreclosure. The end result is greater value for the lender because the foreclosure process is terminated. The defendant and purchaser also benefit. Willard says purchasers willing to go through the court process and receiver sale of a distressed property see good value on an expedited basis.
“This was a value deal for ICORR,” Willard says. “Market conditions definitely played into the final negotiated price. The property is in good shape, it just needs to be leased up. ICORR is in a good position with a strong team in place to lease it up. In fact, they have some deals they are bringing in already.”
Citrus Park Shops is a 15,800-square-foot strip center located at 6160-6182 Gunn Highway, just west of Henderson Road at the entrance to a Walmart Supercenter. At the time of sale, the property was 51% leased to six tenants, including Payless ShoeSource, First Choice Hair Cutters and MetroPCS.
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