In December 2014, REI was selected as the asset and portfolio manager for the city of Detroit’s entire 17,000,000 sf, commercial property portfolio (consisting of approximately 3,600 properties). Detroit’s bankruptcy trustee sought to realize desperately needed value from the city’s commercial property. As such, the sourcing event won by REI was an absolutely critical element of the approved reorganization plan. REI was entrusted with completely redefining how the city values, manages and sells its commercial real estate.
§ Within four months, REI visited, inspected, and photographed every property while simultaneously building a comprehensive tracking database from scratch.
§ Established new standards, competencies and roles in Detroit’s notoriously cumbersome real estate disposition process. This resulted from successfully managing both the processes and personalities of a weary city bureaucracy while still adhering to statutory requirements.
§ Developed the selection criteria and led the RFP process for critical portfolio level service providers such as appraisers, surveyors and legal consultants.