Southfield real estate company Farbman Group has created a new division dedicated to helping landowners and investors develop financial turnaround plans for troubled properties.
“Since our beginning, Farbman Group has remained focused on offering a suite of in house solutions that assist our clients with each stage of the real estate lifecycle, as well as the critical economic factors that impact our industry,” says Andrew Farbman, CEO of Farbman Group.
Farbman says the 20-employee group, called the asset repositioning division, evaluates real estate holdings and helps lenders reposition and stabilize assets. He says Farbman Group can lease the asset; help oversee the foreclosure to make sure its being handled appropriately; set up a sale through the company’s investment sales division; or manage the property. For the latter activity, the company can right-size costs and make sure the asset is preserved.
Farbman says the division can act as a receiver or provide the following services: property management, brokerage, investment sales, construction, development, asset management, and facilities maintenance.
Farbman Group, founded in 1976, is a full-service real estate firm managing more than 25 million square feet of office, retail, multi-family, and industrial space nationally. The company has more than 200 employees.
In 2014, Farbman formed a joint venture with Bloomfield Hills-based Forum Group, to offer specialized services for office, industrial, retail, and medical real estate.