North Texas - Seven North Texas big box retail stores are threatened with foreclosures. The retail buildings are all occupied by Walmart Neighborhood Markets stores and are owned by Carrollton-based investor Riba Walmart Investment LLC.
The investor that owns the buildings and leases them to Walmart has defaulted on $41.5 million in loans, according to Foreclosure Listing Service, a McKinney company that tracks property foreclosure filings.
“These pre-foreclosure postings are highly unusual,” Aaron Amuchastegui, CEO of Foreclosure Listing Service said in a statement. “While commercial foreclosures are not uncommon in North Texas, we rarely see defaults on deeds of this scale, especially when associated with major corporations like Walmart.”
The stores are in Cedar Hill, Desoto, Lancaster, Sachse, McKinney, Grayson County and Rockwall.
“The fact that these stores remain open leads me to believe that the Walmart corporation is planning to come current on the deed or transfer it to a different investment entity prior to auction,” said Amuchastegui.
He said the buildings have tax appraisals ranging from $1,264,541 and $5,738,835.
The debt on the properties is held by a fund represented by Dallas-based Reserve Capital and was made last year.
The retail buildings are scheduled to be sold at foreclosure auctions early next month. Many times properties are posted for forced sale by the lender but negotiations with the borrower are ongoing.
The Walmart stores are the most significant North Texas commercial real estate threatened with foreclosure.
Foreclosure Listing Service is currently tracking 79 commercial properties posted for foreclosure sale statewide.
Source: Dallas Morning News