When HMO Welcare filed for bankruptcy, KeyBank, NA took their property back in lieu of foreclosure. One building contained 46,000 square feet and in another, 13,000 square feet, making a multi-tenant approach difficult. The buildings were also centrally heated and cooled with one electric service, making it difficult for any investor to manage costs. In addition, the asset was uniquely designed to fit Welcare’s needs with a spider-like design, 200+ seat auditorium and other oddities that may not be appealing to prospects.
After reviewing the property and it’s potential applications, Joseph Deegan decided to concentrate on end users for the property. We marketed the property to the larger user pool – government agencies, not-for-profits, hospitals, medical users and other large corporate users.
Joseph Deegan located a corporate user for the site within 8 months. This was a user who could use the entire front building, and lease out the rear building to other tenants. After resolving several planning board issues, the transaction was successfully completed.