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GlobeSt.com Commercial Real Estate News and Property Resource

Last updated: May 31, 2009 05:15pm

By Bob Howard

TUSTIN, CA -Coreland Cos. has landed nearly 500,000 square feet of court-appointed receivership assignments as part of more than one million square feet of new management contracts. In addition to the receiverships, the private Tustin-based company has landed management contracts for more than 600,000 square feet of retail space in Southern California .

Coreland principal Patrick Galentine was appointed state court receiver for Corona Corporate Centre, a newly completed 114,990-square-foot, seven-building office park in Corona; Centerlake Corporate Center, a three-story, 61,298-square-foot office building in Ontario; and 257,198 square feet of retail at the intersection of Tampa Avenue and Nordhoff Street in Northridge, which is a partially redeveloped community shopping center anchored by Best Buy, 24 Hour Fitness, Bed Bath & Beyond, and Fresh & Easy Neighborhood Market. Coreland Cos. will be responsible for the property management during the receivership period.

Coreland president Chris Hite says that the company, which has past experience with distressed assets, will customize a strategy that best suits each asset, regardless of the property type and status. Coreland principals and co-founders Galentine and Hite founded the firm in 1990 and worked with numerous financials institutions and venture funds to manage and reposition a variety of real estate assets in the last downturn. Galentine was appointed state court receiver for more than 200 properties over this period.

In addition to the receivership assignments, Coreland's new retail management assignments include 104,701 square feet of space at Centre Pointe Marketplace in Valencia ; Ontario Freeway Center , a 128,330-square-foot freeway showroom and furniture center in Ontario ; Palms to Pines, a Vons-anchored 81,722-square-foot neighborhood retail center in Palm Desert . Also, at Crossroads Marketplace in Chino Hills, Coreland received an additional 20,000 square feet of retail to manage, which includes the Harkins theater and adjoining shops; and 22,736 square feet of retail space at Lake Forest Center adjacent to Home Depot and 24 Hour Fitness.

The company was also retained to manage two assets after the receivership period, including a newly constructed 193,709-square-foot light industrial/office condo development in Downey located on Hall Road ; and a 15,172-square-foot executive suite/office complex on Gillette Avenue in Irvine .