REAL ESTATE : Wolff Co. Works Out Diversification Deal With Financial Firm
The Wolff Co., Irvine, says it has put together another deal to diversify from its real estate development business. This one is with Orange financial services company T.D. Service Financial, with which Wolff will manage and sell foreclosed land and buildings for banks and thrifts.
The new asset services group will be part of the Wolff Co., which like other developers has seen its development business shrink in the past few years. Many types of commercial buildings are overbuilt and running high vacancy rates. And lenders aren’t loaning money for new real estate deals after the collapse of the thrift industry.
Wolff branched out even earlier by starting a property management operation, Seeley/Wolff Property Management Co., with local broker Seeley Co.
T.D. Service, meanwhile, started in 1964 and specializes in processing foreclosures of property for lenders. The 7-year-old Wolff Co. started out as a developer of industrial and commercial buildings.