The Grand Arcade in Wigan went into administration earlier this month
Shopping centre developer Modus Ventures has gone into administration, as the value of commercial property has fallen in the economic downturn.
Administrator KPMG said it expected many commercial real estate companies to find themselves in similar trouble.
The Manchester-based group owns more than 40 companies across the UK.
Commercial properties lost 26.4% of their value last year, the most since records began in 1987, according to Investment Property Databank.
The Grand Arcade shopping centre in Wigan and an arcade in Wakefield, both owned by a branch of Modus, have also gone into administration in recent months.
Richard Fleming, UK head of restructuring at KPMG said: "The group, like many companies within the property sector, has not been immune to the economic downturn and, indeed, we believe will be one of the first in a long line of commercial real estate casualties.
"We predict a wave of fall-outs in the commercial property market as the true value of losses becomes apparent.
"Indeed the wave of restructuring that will be required in the commercial property market could be the next big mile stone in this recession."
Modus was set up in 1991 by entrepreneur Brendan Flood, who is also a director at Burnley Football Club.