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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.

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