Levin appointed receiver for ITC Crossing North

North Plainfield, N.J. Levin Management Corp. announced Friday that it has been named court-appointed receiver for ITC Crossing North, an 180,000-sq.-ft. shopping center in Mount Olive Twp., N.J., anchored by Sam’s Club and Staples.

The announcement was made by Robert Carson, Levin’s executive VP and head of the company’s REO practice.

“ITC Crossing North is a newer, well-located property and it is unfortunate when properties such as this slip into receivership,” said Carson. “But the court's order will protect the lender, and enable us to lease about 20,000 sq. ft. of vacant space. We will also ensure that day-to-day operations are carried on. In turn, this gives the tenants a level of confidence they need to have in the shopping center.”

Levin Management expects that there will be more such situations arising before too long. According to Carson, “Based on mortgage financing that was done during the height of the commercial real estate market between 2004 and 2007, and based on then-current values, which have since declined, we believe that receivership situations like this will soon begin to occur with greater frequency, and we are positioned to mobilize quickly on these assignments.”