A Phoenix-based real estate company was named as the court appointed receiver for Market Center shopping center on the northeast side of town.
The 244,000-square-foot shopping center near Austin Bluffs Parkway and Barnes Road went into foreclosure on a $19.5 million loan a few months ago.
Hannay Realty Advisors, an Arizona commercial real estate services and investment firm that specials receivership, management and brokerage expertise in retail, office, multi-family, industrial and self-storage properties, is the court-appointed receiver for the property, according to a press release.
The Company recently expanded its services outside of Arizona to Colorado, Nevada and California.
Hannay will manage the sale of the property, which is still technically owned by California-based Colorado Market Center LP and MKA Properties LLC.
The property got into trouble when its anchor, Grocery Wharehouse, closed in 2007, followed by other retailers that closed down or moved to busier locations.