Cordes & Company

Self-storage facilities readied for sale

The owner of two self-storage facilities in North Las Vegas, Nevada, filed for Chapter 11 bankruptcy.  Each 94,000-square-foot facility included 700 rentable spaces.  When relief from stay was granted, Cordes & Company was named as the receiver for the property.  Creditor was a large regional bank.  During foreclosure, we maintained both facilities, including oversight of onsite management and operational finances.  Once the properties were financially stable and current with their obligations, the creditor foreclosed.  Shortly after taking title, the creditor sold both properties to a self-storage REIT at a small discount to the original loan amount.

California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
Colorado
5299 DTC Boulevard
Suite 815
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.6027
© CORDES & COMPANY