The retail center, which is located in the inland empire, includes about 380,000 square feet of developed retail and office space located on 25 acres of land. With significant defaulted debt outstanding, the lender started the foreclosure process and asked that Cordes & Company be appointed as receiver. We maintained the property during foreclosure, dealt with a wide variety of physical property and tenant issues, and transitioned property management to a new property manager. At the time of foreclosure, the property was financially stable and most of the tenant issues had been adequately resolved. Ultimately, the property was sold to new owners at a small discount to the original loan amount.