Cordes & Company

Faltering regional shopping mall rescued from abandonment

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.

California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
Colorado
5299 DTC Boulevard
Suite 815
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.6027
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