The two properties for which Galentine is receiver are a newly built 200,000-square-foot development of 50 industrial and office condominiums called Cornerstone Commerce Centre on Hall Road in Downey that is a project of Newport Beach, CA-based Shaw Properties. The other is a 20,000-square-foot executive office suites development on Gillette Avenue in Irvine that is a project of Executive Offices of Orange County LLC.

Coreland Cos., whose principals managed hundreds of receiverships in the 1990s, is serving as property manager for both of the properties during the receiverships. Galentine is already in line to be named receiver for a number of other office, industrial and retail properties, part of what he describes as a coming wave of receiverships across the country. "Whether this will be a tidal wave like it was in the 1990s remains to be seen, but we are definitely just at the beginning of the receivership business in this cycle," he says. "I don't think anybody really knows what is going to happen or for how long, but I would guess 12 to 24 months."

Coreland principals and co-founders Galentine and Chris Hite, and others at the Tustin-based company, worked with the Resolution Trust Corp. as well as a host of banks, savings and loans and investment funds to manage the receiverships in the 1990s downturn. "There was a period in the '90s when we would handle 10 to 15 per month," notes Galentine, who himself managed more than 200 receiverships in those days.