Levin named mngr for Station Center. (New Jersey).The Superior Court of New Jersey, Chancery Division, has named Levin Management Corporation of North Plainfield North Plainfield, residential borough (1990 pop. 18,820), Somerset co., NE N.J.; settled 1736, inc. 1885. A Revolutionary War cemetery is there. , as rent receiver and property manager for Station Center, a 20,000-SF retail property in Whitehouse. The appointment comes on the recommendation of Regency. Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , which has started a foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. action against the shopping center's owner. Under the court's order, Levin Management Corporation has taken over rent collection responsibilities at Station Center as part of normal foreclosure proceedings. The firm is also overseeing all property management functions to ensure that the shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into is properly maintained and operated during the process. "It is an honor to take on this fiduciary responsibility, and we consider it a testament to our firm's integrity," noted Evelyn Leonard, vice president and general counsel of Levin Management. "Unfortunately, the retail industry is experiencing a cyclical shakeout Shakeout A situation in which many investors exit their positions, often at a loss, because of uncertainty or recent bad news circulating around a particular security or industry. Notes: During the dotcom boom and bust, numerous shakeouts occurred. , and some borrowers are finding it impossible to meet their obligations. During this difficult time, we will do our utmost to maintain the smooth day-to-day operations of properties like Station Center until it is taken over by new ownership." |
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