A San Diego-based firm is getting the go-ahead to manage the Citizens Bank Center, a 500,000-square-foot office building on 919 North Market Street in Wilmington. The building was one of 11 now managed by Trigild, a distressed real estate and loan recovery specialist.
As the court appointed rec
eiver, Trigild is charged with operating and repositioning the properties, all currently facing foreclosure. The Citizens Bank building is not owned by the bank, which is the lead tenant in the building on the north end of Market Street mall.
Pete Davisson, who heads the Wilmington office of Jackson Cross, said that the Citizens Bank Center is the only office building in downtown Wilmington that has gone back to the lender. Davisson said leasing activity overall has remained weak. He added that the 80 percent figure is not particularly low, especially in the current economic environment.
The properties that were also part of the Trigild announcement are in New Orleans, La.; San Diego, El Monte, Newport Beach, Seal Beach and Irvine, Calif.; Columbus, Ohio; and Glen Burnie, Md.
Trigild now represents more than $6 billion in defaulted loans, and anticipates a significant increase in its receivership business within the next few months.
Headquartered in San Diego and with regional offices throughout the country, Trigild has more than 30 years of expertise in managing a wide array of distressed commercial real estate assets and operating businesses. Specializing in non-performing commercial loans, Trigild combines receivership, operations management, and disposition services under one roof . For further information, visit www.trigild.com.
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