Coreland Provides Disposition, Receivership & Property Mgmt Services and Sells REO Property

Oct. 14, 2009 - PRLog -- TUSTIN, CALIF. – Coreland Companies of Tustin, Calif., one of the largest real estate service companies based in California, announced today that Steven Hogberg, Senior Vice President of Coreland’s Brokerage division, represented the seller in the sale of a lender-owned industrial complex in Downey, Calif. The buyer, which represented itself, was Rexford Industrial, LLC, based in Los Angeles. The seller was a Chicago, IL-based financial institution. The purchase price was $9,925,000.

Located at 9220 Hall Road in Downey on 7.1 acres, the sale transaction consisted of 45 industrial condominium units encompassing 174,380 square feet and situated in a newly completed 50-unit industrial development. The acquired property was vacant at the time of the sale. According to Hogberg, the buyer likely plans to offer some of the units for sale and the remaining units will be leased.

Prior to the sale, Coreland Principal Patrick Galentine was appointed State Court Receiver in matters involving the asset. Coreland was named property manager during the receivership period, and Coreland’s brokerage department provided a strategic oversight role for the property’s disposition. “A perfect scenario for us, and a timely solution for the client,” reports Hogberg.

“Coreland’s combination of extensive experience with distressed assets as well as our service platform, which includes brokerage, management, and receivership services, enables our firm to customize a strategy that best suits each asset, regardless of the property type, to accomplish our clients’ goals,” Hogberg says. “Coreland provides a valuable solution to our clients with time-saving, one-stop shopping that offers a menu of services and delivers measurable results in a challenging market.”

Coreland Companies is a full-service commercial real estate company with expertise in retail, office and industrial properties. Coreland Companies is based in Tustin, California with offices in Utah and throughout Southern California. For more information, please call the company’s headquarters at (714) 573-7780 or visit www.coreland.com.