GGG Partners was appointed receiver of a two-tenant commercial property in Kennesaw, GA when the Maryland-based bank became frustrated with the failure of the borrower to provide timely payments or information. The bank was not receiving revenue from a large electronic billboard on the property and did not know why.
The property was also the site of a former gas station, and the bank did not want to be in the chain of title as they would be if they foreclosed.
GGG Partners was able to take control of the rental income quickly and determined that the billboard had been deeded to a third party through an easement years before the bank made the loan. GGG Partners is formulating a plan with the note-holder to dispose of the property while keeping the note-holder out of the chain of title.