Showing posts with label NBC News. Show all posts
Showing posts with label NBC News. Show all posts

Friday

Where do we go from here? Sun City Summerlin and Sky Las Vegas in Crisis 2011, Robert Paisola Reports

My dear friends around the world:

We want you to know that we are and have been receiving your emails regarding our involvement with Sky Las Vegas and Sun City Summerlin Nevada, as well as other homeowner associations around the nation; we know that what we have been able to accomplish is incredible.  We have so diligently been dealing  with problems at Sky Las Vegas, and as we sorted through the rubble, we were able to   meet your ultimate demand to rid the community of the former Executive Director Christine A Gibbs.  We made a commitment to many of you, residents, staff, owners, bankers and fellow media members that we would prevail, and we can formally state... We have succeeded!   During that arduous investigation processes (all chronicled on this blog) we  have been able to bring to light numerous other issues that have remained ”hidden under the rug”  for so long. We have taken your demands from the desire stage ("there is no way that you can do it") to the completion stage ("Oh My God, They did what we have been trying to do for years!")  By removing Christine A. Gibbs, The Executive Director at the Sky Las Vegas, from office as your Executive Director we did as you demanded.

As in every battle during wartime, there was collateral damage.  Gibbs entered into what she thought was a sweet deal arranged for her by Nevada Legal Counsel Michael L. Schulman, who happens to be the attorney for BOTH ASSOCIATIONS, Sky and Sun City!  She was embedded with Sun Board Member, Marilyn LeVaseleur, and a virtual coup took place by the Sun Board to FORCE Christine A. Gibbs into the position of Executive Director at Sun City.  (See CBS Video Below)  In order for this to happen, we were forced to spend countless hours dealing with both sides, and as soon as the members of the Sun City populace realized what was being pushed down their throats, (See CBS VIDEO http://www.youtube.com/watch?v=224rEVT-Nhs ) , they quickly gathered and began to revolt as is shown in the video.

 It should be known that We have great care and respect for our friends at Sun City Summerlin, and there is no doubt that without their assistance, we could never have pulled off the rally that took place to protest the hiring if Christine Gibbs.  As reality began to set in, as to what was happening, These people (Residents of Sun) began to look toward us as they started to see what they were getting into.  We spent countless hours discussing the possible movement of Christine Gibbs to their property and how it was being done, under the color of midnight. The members of Sun City Summerlin went to work to gather data as fast as possible; as we did, including gaining the legal data to support the verification that the primary residence of Christine and James Gibbs was going to auction in March of 2011.  That revelation lead way to an extensive investigation, of which we have provided to you at www.SkyLasVegas.info.   

In the end, the Gibbs issue will surely going to end up in continued litigation, and many people will have to answer for their deeds.  This will give you an idea of how they are reacting... Amazing Reading!

It goes to show what a small group, led by one 86 year old man named Bob Robey, who gave us uninhibited access to his online forum, can change the lives of so many of his neighbors.

In reviewing Robey’s information, we found an article that was written for the Las Vegas Review Journal
Lets see what they had to say:

Copyright  Las Vegas Review-Journal
HOUSING: Fees and Loathing IN LAS VEGAS

By HUBBLE SMITH

REVIEW-JOURNAL

Eunice Schwenig said she's fed up with her homeowners association fees being "arbitrarily" raised at Sun City Summerlin.

She was paying $260 a year when she bought a new home at Del Webb's age-restricted development in the master-planned Las Vegas community 10 years ago.

But the fees have steadily risen, reaching $680 this year with another $135 being tacked on for 2004.

What pushed Schwenig overboard was a $700 special assessment for each home owner to shore up the "catastrophe fund," which was drained when Sun City had to replace some golf course water pumps a couple years ago.

"Nobody's ever stopped these people for 10 years that I've lived here," she said. "We're only upset because this is an extraordinary expense and the board is not trying to live within their budget."

Battles between Las Vegas Valley home owners and their association boards have cropped up over everything from fee increases to rules about portable basketball hoops in the street.

Home owners are told what color they are allowed to paint their house, how long their garbage receptacle may be left out before and after trash pickup, where to park their cars, how and when to display the American flag, whether they're allowed to hang a clothesline in the back yard.

Those found in noncompliance are fined, and failure to pay the fines can result in liens being placed against their homes.

A multitude of horror stories abound. Some residents have gone so far as to hire lawyers to take their cases to court.

Homeowners associations, or HOAs, were formed to protect the value of neighborhoods, to enhance and maintain amenities such as parks, community centers and common areas.

Through Special Improvement Districts, later paid by home owners in HOA fees, the cost of municipal infrastructure such as sidewalks, roads and streetlights is shifted from the city to the developer.

Some 50 million Americans now live in 250,000 association-governed communities, according to the Alexandria, Va.-based Community Associations Institute, and experts predict that number will soon double.

There are 1,191 homeowners associations registered in Clark County , said Eldon Hardy, ombudsman for the state's Common Interest Communities.

The problem is that some associations, composed of voluntary board members, can become overzealous and are often inflexible, and can even overstep their legal boundaries.

Some boards write covenants, conditions and restrictions that seemingly serve no purpose in maintaining property values, critics of the associations say.

"They say they can do anything," Sun City resident Ruth Lieburn said. "You can't talk, you can't vote. They say, `We can do whatever we want.' "

She said one resident, frustrated by the board's unwillingness to compromise or even listen to what he had to say, drew applause when he stood up and gave a "Heil Hitler" salute at a recent HOA meeting.

The emerging political urban consensus is that HOAs are a necessary evil.

The effectiveness of homeowners associations is vastly underestimated these days, particularly when it comes to home appreciation, said Shawn Cunningham, a real estate agent with Re/Max Advantage in Las Vegas .

"People complain about them, but there are neighborhoods in town that are three years old that look 30, especially in-fill neighborhoods in the northeast and east Henderson where homes were built in the middle of older areas with no HOA and the neighborhoods quickly deteriorated," he said.

On the other hand, older areas with HOAs have managed to preserve their curb appeal.

Cunningham cites The Lakes, an upscale neighborhood on west Sahara Avenue , where homes are 15 years old. Go a couple miles north and east and you'll find homes built at roughly the same time that aren't worth nearly as much, he said.

"The difference is that The Lakes has great associations that keep those residents inclined to park their cars on the lawn in check," Cunningham said.

Homes in newer areas such as Summerlin, Green Valley and northwest Las Vegas Valley tend to hold values much better than in the northeast part of town, where appreciation is slow, simply because they have good homeowners associations in place whose primary purpose is to keep the values rising, he said.

"And whenever I have a buyer that complains about the high HOA fees, which is often, especially with people from out of town, I always tell them that the $100 fee or even $150 fee in some higher-end and condo communities is easily worth the extra $1,000 a month that you'll make in appreciation because your neighbors are forced to keep their homes up," Cunningham said.

HOAs hold a few other advantages over traditional neighborhoods, the Community Associations Institute contends.

Residents share ownership of common land and have access to recreational facilities such as swimming pools and tennis courts that they otherwise may not be able to afford.

They automatically become members of a community association and typically must abide by the rules. They pay an "assessment," often a monthly fee, that is used for upkeep of the common areas and other services and amenities.

These self-governed communities usually feature attractive combinations of well-designed homes and landscaped open spaces.

Homes may even cost less than traditional housing because of more efficient land use.

About 6,000 to 8,000 new community associations are formed every year, including those for condominiums, cooperatives and planned communities. It is estimated that 4 out of 5 housing starts in the past five to eight years have been built as part of an association-governed community.

In 1999, Gallup conducted a survey that found 75 percent of association home owners were "very" or "extremely" satisfied with their communities.

Prime drivers of satisfaction included overall community appearance, safety, financial accountability, location and friendly neighbors.

Forty percent said they wouldn't consider selling their house even if given 15 percent above the market value.

Half of community associations were very responsive to the needs of their residents and 17 percent were extremely responsive, the survey said.

That differs from what Sherryl Baca lists as the No. 1 complaint she hears from association residents: their calls are never returned.

"Every one of their complaints is justified, but most of the time, they complain about (board members) not calling back," said Baca, chief executive officer of CMS, a company that manages 20 HOA communities in Las Vegas .

CMS works with association boards to keep the architectural integrity of a neighborhood intact, so that you don't drive down a street of mostly earth-tone homes and then see one painted purple, she said.

Baca said HOAs run the spectrum between the good, the bad and the ugly.

"A lot of times, people break rules because they don't know the rules. It's unfortunate when that occurs," she said. "Part of the problem there is my idea of cleanliness and your idea of cleanliness may be two different things.

"Sometimes it's a big power thing. They make a lot of rule changes and there are a lot of HOAs like that. I've seen them. Then there's the flip side where people don't do enough to keep a property up."

The second complaint Baca hears is that walk-through inspections aren't done to make sure that the gardener is doing his job or that people are adhering to parking regulations.

Hal Bloch, president of Summerlin Community Association, said he had never lived in an HOA community, but moved to Summerlin because he appreciated the protection that association rules gave him as a home owner.

"In order to get that protection, you give up certain latitudes such as painting your house orange," he said. "We believe we're entrusted by home owners but we're not dictators. We try to keep a light hand on the reins and still enforce the rules. If you waiver on the rules, you'll be salamied to death, one bite at a time."

Bloch said a phone survey was conducted as a result of the flap over basketball hoops and 15 percent to 20 percent of people said the HOA wasn't enforcing rules strictly enough.

"We tread a middle course between being too strict and not being strict enough," he said. "There is no perfect answer to any set of problems. I think the net on the bottom line in Las Vegas , living in an HOA is a pretty good move."

250,000   Communities nationally governed by homeowners associations

6,000       New associations formed nationally each year

1,191       Homeowners associations registered in Clark County

300          Subdivisions being built in Las Vegas that have HOAs
________________
So, now where do we go?  Well… One thing that we know is that Gibbs is completely out of the picture at Sky Las Vegas.  This means that there will have to be an executive committee setup to screen the candidates.  We have been told that the first thing that the board of directors at Sun is going to do is FIRE GIBBS. She has a 3 month severance built into her contract, but that is nothing compared to a Gibbs Regime at Sun City Summerlin.  We have been told that they are going to cut their losses quickly.

We look to the board of the Sky Las Vegas to seriously consider what has happened.  We are open to working with honest and honorable people, including Mr. M. Aaron Yashouafar , who as of today has 79 units in Sky Las Vegas.  We are planning on working with the Board of Directors at Sky Las Vegas to help them get over the damage that they have sustained under the Christine A Gibbs Administration, and again, all we ask for is that you judge us by our results.  Stay tuned for further developments and breaking news. This is being cross posted on NBC4.

To your Continued Success
Robert Paisola
CEO
The Western Capital Foundation USA

Saturday

President of The Board of Sky Las Vegas, Aaron Yashouafar, Files Bankruptcy AGAIN! Is A Sky Las Vegas Bankruptcy Coming?, Robert Paisola Reports for NBC News

Owners of First National Center in Oklahoma City declare Chapter 11 bankruptcy

Read The Story from The Verizon Wire Service

From The Village Voice about Yashouafar

From KOCO TV

Aaron Yashouafar Milbank Realty Site

Aaron Yashouafar Q&A

From NewsOK.com

From The OK Central 

You can download the bankruptcy filing here. NYC


" They were proud of their $21 million sale to Californian Aaron Yashouafar. It might not have been in the best interest in the property or downtown, but it sure as heck was in the best interest of themselves and the seller, who reportedly had mortgaged the property to the hint to fund a disastrous investment in the Catskills.
I was immediately skeptical. That very first day I privately suggested to some downtown acquaintances that the deal might be immediately doomed -that such a high price could only lead to bankruptcy court.
We saw that happen today."

"He had a good public relations firm – Saxum and Renzi Stone – but by 2008 they were suing over unpaid billings."
 

Ouch. It’s never good when you get sued by your own public relations firm.


Liens and court filings started becoming commonplace, and Yashouafar was simply bewildered when I came around asking questions. In Los Angeles, such matters would be trivial, he explained, and wouldn’t be worth the time of a major newspaper reporter.


Yeah, maybe so. But by saying so, Yashouafar was showing a fundamental misunderstanding of Oklahoma City. This is a big city wired like a small town. And folks were talking. This was news. People care.


More popular tenants joined the exodus, including Italian Express, Becky’s Hallmark and The Buzz. The loss of such popular anchors made the space on the upper floors less valuable to potential corporate tenants.


In real estate the card shop, the coffee shop and Italian restaurant are considered amenities. For Yashouafar, they were just among the long list of folks he felt were due an increase in rent to Class A rates. He had promised to bring the building up to Class A levels, and by golly, the tenants had an obligation to share in the cost of getting to that goal.


Yashouafar had been warned these tenants had been burned by prior owners. They were not going to simply believe promises of a better future ahead – even if the landlord insisted he was different – that he would do what he said.


The tenants wanted to see visible progress. They wanted to see the cracked windows replaced. They wanted to see the restrooms rebuilt – and moved to each floor."

The owners of downtown Oklahoma City's First National Center, led by Milbank Real Estate Chief Executive Aaron Yashouafar, declare Chapter 11 bankruptcy following foreclosure by the mortgage holder.... Is Sky Las Vegas Next?

 
Photo of Robert Paisola, CEO and President, Western Capital International 
BY STEVE LACKMEYER    
Published: October 9, 2010
Owners of downtown Oklahoma City's landmark First National Center filed for Chapter 11 bankruptcy protection Thursday, just hours before a scheduled receivership hearing in Oklahoma County District Court.

Multimedia

Videoview all videos

First National Center owners file for bankruptcy thumbnail
Oct 8
Owners of downtown Oklahoma City's landmark First National Center...

More Info

At a glance 
Top unsecured creditors
→ThyssenKrupp Elevator Inc.: $591,731.
→LVI Environmental Service: $341,204.
→Trigen: $313,007.
→Cushman & Wakefield: $184,369.
→OG&E: $82,549.
→Superior Security: $64,686.
→Williams Automatic Sprinklers: $43,180.
→Transwestern: $37,155.
→First Maintenance: $25,321.

→Schindler Elevator: $22,946.
California bankruptcy court documents show First National I and First National II — investment groups led by Milbank Real Estate Chief Executive Officer Aaron Yashouafar — reporting liabilities between $10 million and $50 million.

Still committed
"We are committed to our investment and our promise of supporting the downtown Oklahoma City business community,” Yashouafar said Friday. "Ownership of First National Center is reorganizing under Chapter 11 bankruptcy. Our tenants' leases remain secure and building operations will continue without interruption. This reorganization permits us to address the lenders' issues while continuing to renovate and lease this historic building.”


Yashouafar spent much of the summer battling a foreclosure by Capmark Bank before Oklahoma County District Court Judge Vicki Robertson ruled in favor of Capmark and ordered both sides to agree on a receiver.


The receivership hearing scheduled for Friday morning was canceled. Rob Robertson, attorney for Capmark, could not be reached for comment.

Huge and historic
First National Center spans more than 1 million square feet and includes the 33-story, 79-year-old tower. The First National partnerships led by Yashouafar purchased the property in 2006 for $21 million.


At the time of the purchase, the family-run Milbank Real Estate promised it would not repeat problems experienced with previous owners, who for example failed to fix broken windows.
"We stand by our word,”
said Raymond Yashouafar, Milbank's vice president of operations, in a September 2006 interview.


"We have a good reputation where we've already done work. The previous ownership made a lot of promises, and didn't follow through. We don't do that.”


Four years later many of the same cracked windows remain in place. A renovation of the first floor retail arcade has remained unfinished — indeed, stalled for months. Several high-profile tenants chose to leave rather than agree to rent hikes.


Records show the Yashouafars are experiencing difficulties with properties across the country. 


The Roosevelt, a historic building in Los Angeles, was placed in bankruptcy by Yashouafar while it was being converted into condominiums. And more than a dozen properties in the Bronx went into bankruptcy as tenants' complaints prompted The Village Voice to list Aaron Yashouafar as one among New York City's top 10 slumlords.


A website was created by tenants at Yashouafar's Sky Las Vegas condominiums earlier this year that posts pictures of broken elevators and flooded residences in the 47-story tower on the Las Vegas Strip.  (Referring to THIS SITE AT http://www.SkyLasVegas.info

Dismissed claims
In a July interview with The Oklahoman, Aaron Yashouafar said First National was already a financial success story and he dismissed those who claimed he was a bad steward of the property. "Through the financial resources made available by the owners,” he said, "the management team has been able to raise the occupancy from the low 20 percent range to almost 65 percent in just four years.


"In a building as large as First National Center, this translates to over 400,000 square feet of new leases,” Yashouafar said. "I am not aware of any other building in downtown Oklahoma City experiencing such a transformation.”


Read more: http://newsok.com/city-landmark-is-bankrupt/article/3502837#ixzz11w1A43NY

 

Aaron Yashouafar Stated Holdings



   

Formerly known as the “Home Savings Tower,” this two-time winner of the BOMA “Office Building of the Year Award” is a trophy office building in the Downtown Los Angeles Central Business District. Situated directly above three main lines of the Los Angeles MTA subway system, this property is home to the famous “Sky Lobby,” decorated with renowned murals and vaulted ceilings, and is a past winner of the Rose Award for “Best Structure.” Figueroa Tower’s prestige has made it home to many of the area’s most prominent law firms and corporations, such as HSBC’s Bank USA, which established its regional west coast headquarters and first full-service retail banking branch in Los Angeles.
Learn more
Location: Downtown Los Angeles, California
Purchased: 2004
Type: Class A office building
Size: 278,800 ft2
Number of Stories: 25
   

   

This property was Milbank's first investment in the United States. Since the purchase, it has undergone major renovations through Milbank's in-house construction department, most recently in excess of $1.5 million. Throughout ownership, Milbank has consistently maintained occupancy above 90 percent.
Learn more
Location: Encino, California
Purchased: 1977
Type: Office building
Size: 135,000 ft2
Number of Stories: 10
 

   


Milbank acquired three acres of undeveloped land on the “Las Vegas Strip” and broke ground on this major residential development within a year. Sky Las Vegas is the first luxury residential high-rise building ever completed on the Las Vegas Strip. Three floors of high-end retail commercial space and 44 stories of luxury residences, with unmatched views of the entire city of Las Vegas and surrounding mountains. This high-end project boasts more than an acre of amenities, including a pool, racquetball court, putting green, movie screening room, business center and banquet facilities. By the end of construction in April 2007, the project had impressively pre-sold and closed more than 85 percent of the residential units.
Learn more
Location: Las Vegas, Nevada
Purchased: 2004
Type: Mixed-use high-rise condominium development
Size: 750,000 ft2 total
45,000 ft2 retail

Number of Stories: 47
Number of Units: 409
Sky Logo
 

   


Milbank transformed this historic Los Angeles landmark building into adaptive reuse condominium residences, combining historic décor with cutting-edge modern architecture and functionality.  The Roosevelt, with its prime location in the heart of Downtown, offers 222 exquisite single and multi-level, open space floorplans up to 2,700 square feet. Luxurious amenities include a rooftop pool with cabanas, on-site valet parking, climate controlled wine cellar and designer kitchens. The property is located directly above three MTA subway lines and is in close proximity to 4 major freeways. Prior to conversion, the property needed vast improvements. Milbank leveraged this requirement through the condominium conversion and construction project, which coincided with an overall renaissance of the area and residential migration into Downtown LA.
Learn more
retail
Location: Downtown Los Angeles,
California
Purchased: 1998
Type: Luxury residential loft development
Size: 300,000 ft2 total
35,000 ft2 retail
Number of Stories: 16 (including 4 new floors)
Number of Units: 222
Sky Logo
 

   

First national Center
After acquisition in 2006, Milbank began major renovations to revitalize and re-establish this prestigious building as the anchor of Downtown Oklahoma City after years of neglect.  This elaborate historic building offers tenants the luxuries of awe-inspiring Art Deco and Neoclassical architecture and design, unparalleled location at the “100 Percent Corner,” an outstanding 1 million square feet of office and retail space, and direct access to the Underground tunnel system. Emphasis at First National Center is now placed on style and service (on-site leasing and management), with the prestige most often found in major metropolitan cities. The property also features the grandiose Great Banking Hall, an elegant entrance of enormous proportion accessible by way of impressive Crab Orchard stone stairs, that exhibits  four original wall murals each depicting a chapter of Oklahoma history. 
Learn more
Location: Downtown Oklahoma City, Oklahoma
Purchased: 2006
Type: Office building
Size: 990,000 ft2
Number of Stories: 32


First national Center
 

   

As one of Milbank’s most recent residential projects, Cielo is a luxury mixed-use project comprised of approximately 525 residential units, retail space, along with expansive under- and above-ground parking.  Cielo Phoenix offers unparalleled views of the exquisite Arizona mountains at every vantage point, state-of-the-art amenities, easy access to the dining and shopping attractions of the Camelback corridor as well as downtown’s cultural and sporting venues.  Convenience is enhanced further by the new Light Rail system and its connection to major entertainment venues in Tempe.
Learn more
Location: Phoenix, Arizona
Land Purchased: 2006
Type: Luxury high-rise condominiums
Size: 1,200,000 ft2
Number of Stories: 2 towers, 36 stories each
Sky Logo
 

   


Milbank acknowledged Houston’s strong local economy, population and job growth, and favorable state tax laws by acquiring numerous properties in the area. At the time of acquisition, the three Atrium North Belt commercial office buildings were fully occupied and generating positive cash flow with in-place rental rates below market. Milbank seized the opportunity to improve the properties’ overall condition through aggressive management and leasing programs to reposition them from Class C to Class B and to increase rents.  Situated just minutes from Bush Intercontinental Airport with freeway visibility, these Greenspoint submarket properties are ideal for both small entrepreneurial and large business use. Each floor’s balcony-style hallways overlook a sun-lit ground floor lobby with atrium and glass elevators.

Learn more

Location: Houston, Texas
Purchased: 2007
Type: Office buildings
Size: 78,000 ft2 each
Number of Stories: 6 each
Number of Properties: 3
 
 

   

Milbank identified the Bronx borough of New York as one of the last boroughs to offer affordable rent, which would also be positioned to undergo significant gentrification. These multi-family assets had poor prior ownership with a history of neglect. Milbank identified the assets as having added value for its investors and that revitalization would occur by infusing the capital necessary to improve the condition of the buildings, as well as aggressively pursuing the collection of past-due rents – allowing for an improved tenant base and increased rental income from the properties. Milbank provides full-service management that covers all leasing and renewals, the demolition and renovation of units, billing, collections, Section 8 and low-income housing compliance, as well as litigation related to evictions, collections and other legal general matters.
Location: Bronx, New York
Purchased: 2007
Type: Residential apartments
Number of Properties: 18
Units 995
 
 

   

Milbank initially served as the property management company for this building located on the “Hollywood Walk of Fame,” across from Grauman’s Chinese Theatre. After purchase, Milbank continued to manage the property and invested nearly $2.75 million in renovations. Milbank’s in-house leasing team then worked to more than double the building’s occupancy to 75 percent. Milbank profitably sold First Hollywood in 2005.
Location: Hollywood, California
Purchased: 1998
Type: Office building
Size: 175,000 ft2
Number of Stories: 12
 

   

After purchasing this nearly empty building located on the “Sunset Strip,” Milbank spent more than $1.5 million in renovations and brought it to near-full occupancy. Milbank procured and maintained high-profile tenants such as the Los Angeles Film School, Oscar® nominee Diane Warren, the Producer’s Guild of America, and Light Bulb Entertainment (a division of Viacom Entertainment). The property was profitably sold to the Los Angeles Film School in 2004.
Location: Hollywood, California
Purchased: 1998
Type: Office building
Size: 105,000 ft2
Number of Stories: 9
 

   
Milbank purchased a defaulted promissory note secured by a deed of trust and foreclosed on this property. Located adjacent to the Capitol Records Building at the corner of Hollywood Boulevard and Vine Street, Milbank developed a mixed-use project that includes a five-level subterranean parking structure, underground public storage facility and street-level retail businesses, all complimented by a 6-story, 75-unit residential component.  The project plans and property were profitably sold in 2006.
Location: Hollywood, California
Purchased: 2004
Type: Surface parking lot, to be redeveloped
Size: 35,000 ft2
(land area)
 

   

Milbank negotiated with Great Western Bank to purchase a non-performing note and deed of trust related to this property, located on the northwest corner of Hollywood Boulevard and Highland Avenue. Milbank foreclosed on the property, performed substantial renovations, and within 18 months of foreclosure increased the building’s occupancy level to nearly 70 percent. The property was sold to TrizecHahn Development Company in 1998 and has since been incorporated into the company’s $600 million master development of the Kodak Theater and the Hollywood & Highland project.
Location: Hollywood, California
Purchased: 1994
Type: Office building
Size: 110,000 ft2
Number of Stories: 12
 

   
Milbank purchased this historically registered landmark commercial building and remodeled the property. Through the use of its in-house leasing team, Milbank increased the occupancy to more than 95 percent. The property was then profitably sold in 2002.
Location: Long Beach, California
Purchased: 1996
Type: Office building
Size: 88,000 ft2
Number of Stories: 11
 

   

Milbank purchased this distressed property and revitalized it by investing more than $350,000 in construction and renovations. Through Milbank’s in-house leasing team, the occupancy was raised to more than 85 percent, and was then profitably sold in 2004.
Location: Long Beach, California
Purchased: 1995
Type: Office building
Size: 65,000 ft2
Number of Stories: 7
 

   
Milbank purchased this promising property in 2005. Milbank is in the process of redeveloping this under-utilized property to maximize its land potential. After the expiration of two short-term leases, Milbank plans to add an expanded retail component to the property. 
Location: Las Vegas, Nevada
Purchased: 2005
Type: Shopping center
Size: 25,800 ft2
Number of Stories: 1
 

   

After Milbank’s acquisition of this property, Milbank successfully negotiated a long-term lease agreement with Brooks Fiber Communications (which was subsequently acquired by MCI WorldComm) in order to anchor the property. Milbank also constructed a telecommunication fiber optic switchboard on-site, and has continued to actively lease the building. Plans are in development for $1.5 million renovations to upgrade the building’s infrastructure.
Location: Bakersfield, California
Purchased: 1995
Type: Office building
Size: 62,600 ft2
Number of Stories: 7
 

   
Milbank first signed a ground lease for this commercial property, then negotiated an acquisition during the development phase. Milbank then designed and built this 12,000 square foot shopping center in Van Nuys, and subsequently fully leased the property to a variety of retail tenants, anchored by May Tag Coin Laundry. The property was profitably sold in 1992.
Location: Van Nuys, California
Purchased: 1989
Type: Shopping center
Size: 12,000 ft2
Number of Stories: 1
 

   

Located on the corner of Hawthorne Boulevard and Imperial Highway, this medical office building was purchased by Milbank in 1991. After acquisition, Milbank’s construction department performed extensive renovations and increased the building’s occupancy from a mere 20 percent, to more than 90 percent by the time the property was profitably sold in 2004.
Location: Hawthorne, California
Purchased: 1991
Type: Office building
Size: 40,000 ft2
Number of Stories: 6
 

   
Milbank purchased this distressed property located at the northwest corner of Florence Avenue and Alameda Street in Huntington Park, with an intent to aggressively lease the property to maximum occupancy. Anchored by Burger King, Milbank raised the occupancy level by 35 percent and sold the property in 2001, fully occupied. Milbank continues to serve as the property management company for the current owner.
Location: Huntington Park,
California
Purchased: 1998
Type: Shopping center
Size: 40,000 ft2
Number of Stories: 1
 

   

Milbank acquired this parcel of land located on the corner of St. Rose Parkway and Seven Hills Drive, then subdivided it to meet the community’s need for a local U.S. Post Office. Milbank had preliminary plans for developing the remaining parcel into a retail shopping center and commercial condominium park, but the parcels were sold in 2004 to the U.S. Postal Service and to another private developer.
Location: Henderson, Nevada
Purchased: 2003
Type: Development
Size: 16 acres
 

   
Milbank purchased this abandoned building, previously occupied by a Montgomery Wards department store, and spent more than $1 million renovating and converting it into a discount mall and banquet facility. Milbank has since raised the building’s occupancy to approximately 98 percent, and built a food court. Additional income was derived after regular business hours by renting the second floor as a banquet facility. The property was profitably sold in 2006.
Location: Bakersfield, California
Purchased: 2002
Type: Retail building
Size: 165,000 ft2
Number of Stories: 2
 

   
central plaza
Milbank acquired this distressed property, originally consisting of several parcels containing approximately 12 neglected and dilapidated apartments. Milbank then worked with the city to create a master parcel and entitle the property to enhance the community by providing housing and retail shopping. The new development calls for a mixed-use project consisting of 85 low-income housing units and 42,060 square feet of commercial retail space.
Location: Los Angeles, California
Purchased: 2002
Type: Retail shopping center under development
Size: 74,000 ft2 curruntly
Number of Stories: 4
 

   
Milbank acquired this vacant parcel of land and was responsible for the design, construction and development of a 58,000 square foot retail center with two stand-alone drive-through restaurants. Milbank has plans for future developments, including an additional  90,000 square feet of commercial space.  The retail portion of Sunrise Plaza was profitably sold in 2006.
Location: Lancaster, California
Purchased: 1984
Type: Retail shopping center
Size: 58,000 ft2
Number of Stories: 1