TAMPA, FL-ICORR Properties Holdings purchased Citrus Park Shops for $1.75 million in an all-cash transaction. The property went into foreclosure in mid-2010 and was sold through a court-approved receivership.

Lacey Willard, associate director of CB Richard Ellis’ Recovery and Restructuring Services Group in Florida, acted as the court-appointed receiver. Mark Shellabarger with CBRE's Private Client Group in Tampa marketed the property for sale on behalf of the receiver.

“These kinds of deals don’t happen quite that often,” Willard tells GlobeSt.com. “There are a lot of court-approved procedures, as well as title company procedures, in order to effectuate a receiver sale. So we brought together the strategic plan and were able to take the property to market through the receiver’s agent.”