Colliers adds asset preservation services

Los Angeles Colliers International’s Real Estate Management Services has launched a new service recognizing the significant number of vacant commercial properties in the various markets across the North America.

Upon its launch, the new practice group, Asset Preservation Services, was awarded an assignment covering 20 former Mervyn’s locations in California. Previously, the group won assignments for surplus Canadian Tire Stores in Canada and a vacant industrial property in New York state.

Asset Preservation Services handles vacant commercial such properties as single-tenant retail buildings, industrial buildings, triple net properties and auto dealerships.

“Vacant properties still need to be managed. Real estate begins to deteriorate in less than 60 days if not monitored and systems are not operated regularly,” said Peter Morris, senior VP, Colliers REMS. “Mechanical systems need to be tested, verified and run on a regular basis to prevent costly breakdown and loss of use. In addition, there are regulatory compliance requirements and risk management issues that must be reviewed on a regular basis.”

In response to the needs of owners in the current economic landscape, REMS has also developed a proprietary inspection program covering more than 65 items and areas of a typical property.