WEXTRUST TO SELL RECEIVED BUILDING
The 55k SF building at 1770 First St in Highland Park is up for sale after the company's chief restructuring officer Mitch Kahn (on the right with Frontline colleagues Matt Darin and Josh Joseph) determined it was stable again. Mitch says the property (part of the larger portfolio that went into receivership when Wextrust execs were charged with fraud in 2008) has lost NOI over the last few years, is now 92% occupied, and bringing in more than $800k/year. The retail, medical office, and residential building is going to a sealed bid auction for the closing Sept 16. You can see the portfolio here.