TUSTIN, CA-GlobeSt.com has learned exclusively that three complex California-based receivership assignments were sold in the past eight months under the direction of State Court-appointed receiver and principal of Coreland Cos. Pat Galentine. The three assets garnered in excess of $120 million and are all located in the state of California.

The properties included Sierra Center, a 75,785-square-foot retail/office mixed-use property in Mammoth; Tampa Plaza, a 256,000-square-foot retail center in Northridge; and Hamilton Place, a 239,849-square-foot office building in Torrance. According to Galentine, “All three of these properties were complex assignments that demanded an extraordinary amount of effort from the receivership parties, including loan servicers, buyers and the property-management and sales teams. While the sale of receivership properties is rare, it can be done in today's market with a strong team working efficiently through a complicated process. A receivership sale is a best-case scenario in the right circumstance because it maximizes value, reduces costs and provides an exit strategy in an unstable environment.”

Coreland Cos. provided various property-management, brokerage and construction-management services on each of these properties. According to Chris Hite, co-founder and president of Coreland Cos., “Our past experience with distressed assets, combined with our ability to offer in-house management and leasing services as needed, allows us to successfully navigate complex assignments. I believe that our clients appreciate the efficiencies we offer. We work hard to customize a strategy that best suits each asset and generates measurable results.”