Greg Maloney, president and CEO of JLL Retail, has beenappointed by bankruptcy courts to work closely with lenders andborrowers on resolving issues with the properties, which mainlyinvolve Boscov's, a Reading, PA-based department store chain thatfiled Chapter 11 in August. Seven of the initial properties areBoscov's stores in Pennsylvania and Maryland, while two others areshopping malls in Macon, GA and Burlington, NC.

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Receivers have the fiduciary responsibility of stabilizingproperties by finding the most appropriate firm to manage and leaseassets, while providing recommendations for the most profitableoutcome, which could include a sale of the property. Maloney, anappointed receiver for more than 15 years, says the process wouldbe easier if not for the current credit crisis limiting potentialbuyers.

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"The problem is consumer confidence," Maloney tells GlobeSt.com."The system is not broken. We just need to release some of themoney and things will start rolling again. There aren't that manyall-cash buyers out there."

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Maloney adds that JLL Retail will likely be appointed receiverfor several other properties soon, including hotel and multifamilyassets. The firm provides strategic consulting, investment sales,financing, brokerage and management services in addition toreceivership.

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Maloney points to estimates by Green Street Advisors Inc. thatabout a third of the $600 billion in commercial mortgage bondsoutstanding will come due between 2010 and 2012. As values decline,and with prospective buyers waiting for prices to bottom out, henotes that many borrowers will either have to pay off part of theirloans or take on partners in order to avoid losing theirproperty.

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