This property is a 400,000-square-foot regional shopping mall located in Holland, Michigan, anchored by Dunham Sports, JCPenney and Younkers stores. The owner was in default on their loan. Cordes & Company was named receiver for this property for the required one-year redemption period. During this time, we oversaw on-site mall management team, secured short-term lease extensions and managed finances. As the redemption period expired, we were retained as asset manager and we teamed up with a local broker to lease and market the property for sale. A repositioning plan was developed for purposes of selling the property and a list of tenants who were interested in occupying a redeveloped mall was generated. The mall maintained positive cash flow and many deferred maintenance issues were corrected over the course of our involvement. The sale closed on July 31, 2012 and a fair amount of the outstanding debt was recovered.