Coreland Wins 1M SF of Receivership Assignments

TUSTIN, CA-Principal Patrick Galentine of locally based Coreland Cos. has been appointed a state court receiver for four Southern California commercial real estate assets totaling more than 1.2 million square feet of industrial, retail and executive suite properties. Additionally, Coreland will be responsible for the property management during the receivership period.

Most of the square footage is a one-million-square-foot industrial distribution facility in Fontana. The other properties include University Village in Riverside, a 200,000-square-foot shopping center located across from University of California, Riverside; Diamond Executive Suites, a 7,000-square-foot executive suite building in Ontario; and La Puente Pavillion, a 24,000-square-foot neighborhood shopping center in La Puente.

The new receivership appointments come on the heels of assignments earlier this year, when Coreland was awarded a number of state court receiverships and also landed a number of property management contracts on behalf of state court-appointed receivers. Coreland principals and co-founders Galentine and Chris Hite, who is the Tustin-based company’s president, 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 during the 1990s downturn, during which he, Hite and others at Coreland worked with the Resolution Trust Corp. as well as a host of banks, savings and loans and investment funds to manage the receiverships of that period. The Tustin-based company is a full-service commercial real estate firm that specializes in retail, office and industrial properties.