Cordes & Company

Power center stabilized

Completed in 2008, the property is a “power center” consisting of 500,000 square feet of commercial space located on about 50 acres of land in Chino Hills, California, a suburb of Los Angeles.  When it defaulted on debt owed to a major national bank, Cordes & Company was appointed receiver to address issues prior to foreclosure.  At the time, the property had 12 tenants.  A large home improvement center and hotel had been sold prior to the receivership.  We dealt with multiple tenant issues, including leases in negotiation, amendments with existing tenants, temporary rent abatements, and completion of a fast-food service building.  We resolved significant tenant allowance issues.  We oversaw transition of the property management companies and, ultimately, transition of the property to the secured lender upon completion of the foreclosure sale.

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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