Getting a jump on the downturn 

From the June issue: A California-based liquidation and auction house has created a New York-based division to service investors in distressed real estate, entering a competitive marketplace that may soon hold even more players. Great American Group’s new arm, called Great American Group Real Estate, will offer a wide range of services, including appraisal, renegotiating leases, raising capital and providing expert testimony. The unit will also explore buying stakes in undervalued locations. The company named Richard Hauer president of its new division.