NEWPORT BEACH, CA-Locally based California Real Estate Receiverships has been named receiver for a 115-unit condo complex in Glendale and a 366,000-square-foot industrial building in the airport area of Orange County that are being offered for sale. Taylor Grant, founding principal of CRER, tells GlobeSt.com that the apartment complex, called 416 On Broadway, is being rented as apartments and is maintaining an average occupancy of 95% or above. The industrial building, at 2001 E. Dyer Rd. in Santa Ana, is vacant except for 10,000 square feet that is being rented as a data center.

The 416 On Broadway complex, which includes 9,500 square feet of retail space that is in shell condition, was valued at $65 million at the peak of the market, based on the projected sales of the units―none of which ever sold. The project was financed by Netherlands-based MBO.

Bill Welch, the appointed receiver’s agent with CRER, comments that, “When the market recovers, it is highly likely the building will again be sold as a condominium.” The property was encumbered by numerous liens and competing claims in regard to payment and priority of payment, Welch said. Working with its legal counsel, Richard Ormond and Matt Seror of Buchalter Nemer, the receiver has cleared the way for sale of the building, and Phoenix-based Alliance Residential Co. of Phoenix has been appointed the property manager.

Final offers are due by the end of October. Welch said that the property has attracted numerous unsolicited offers before the sale, which will be handled by Sean Deasy of Holliday Fenoglio Fowler.

The borrowing entity for the industrial building filed bankruptcy, and CRER has been named by the bankruptcy court to sell the asset. The project originally went into receivership in April, but due to a bankruptcy filing by the special purpose entity owning the building, the sale was held in abeyance, Welch said. The building is owned by an entity controlled by Commonfund-Greenlaw, according to court-filed documents.

Renovated in 2001, the building has a history of serving as a corporate headquarters, having previously been occupied by GT Bicycles and 3 PL Global. “We know from very recent experience there is considerable interest in this building,” said Welch. He noted that some 20 offers were made—including parties who wanted to use the building as a corporate headquarters―in the wake of a previous offering.