Cordes & Company

Upscale California retail center faces challenges

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.

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
220 South 6th Street
Suite 2125
Minneapolis, MN 55402
Telephone: 612.455.6027
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