Fameco will mainly assist owners in Pennsylvania, New Jersey, Delaware and northern Maryland, but could go outside of those states. Most distressed properties in the immediate area are centers that made sense when they were built and "probably will make sense" in later years but are facing valuation problems, Rome said.

But he admits that the distressed picture in the Mid-Atlantic region isn't anywhere close to what some owners are facing in western states. "We didn't have the 10,000 acres of desert that banks were lending money on," he said.

Right now, there are no major anchors really looking to expand, but Rome sees other opportunities. "At this stage in the cycle, we're seeing a little infill in the electronics category," he said. There are regional chains on the prowl looking for rental rates they couldn't previously afford as well.