Category Archives: Storage

REO Services Case Study: Storage and Retail Properties

The Property:

Wells Fargo foreclosed on six single-story metal and masonry storage buildings in Jesup, Georgia. The buildings were located on two separate properties and consisted of 106 non-climate controlled units and 78 climate controlled units. The buildings were in poor condition with outdated inspections, non-working A/C units and no local daily management. Furthermore, there were no available tenant records as a result of the former owner removing all such records at time of foreclosure.

Additionally, Wells Fargo foreclosed on a 3,000 SF retail building with two active tenants. The property lacked security, and management.

What We Did: 

McWhirter Realty Partners was engaged to manage, market and sell in a very depressed economic environment. The company immediately sent a property manager to Jesup to facilitate updating inspections, contracting for the new AC units and accessing the management system to find the current tenants. Once the tenants were notified of the change of the property owner and the property was repaired, McWhirter Realty Partners engaged a local broker with REO storage experience to maintain the daily management. Both properties were successfully sold.