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Three Receivership Properties Garner $120M

TUSTIN, CA-GlobeSt.com learns exclusively that the complex assignments were sold under the direction of the State Court-appointed receiver Pat Galentine, principal of Coreland Cos.

By Carrie Rossenfeld | Updated on March 04, 2013

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.”

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