Monday, December 21, 2009

McKinney shopping center tops list of Dallas-Fort Worth commercial foreclosure postings

A high-profile McKinney shopping center tops the list of North Texas commercial properties scheduled for foreclosure next month.

The 380 Towne Crossing retail complex at North Central Expressway and U.S. Highway 380 is now crammed with holiday shoppers.

But lenders have scheduled a January foreclosure on parts of the property, which has more than $25 million in debt with Compass Bank, according to foreclosure filings reported by Addison-based Foreclosure Listing Service.

Parts of the retail center have only recently been completed. It has anchor stores including Super Target and Lowe’s.

“It’s a large new project,” said George Roddy, Foreclosure Listing Service president. “We are seeing more high quality commercial properties posted for foreclosure.”

Almost 300 commercial real estate locations located in Dallas, Collin, Tarrant and Denton counties are threatened with foreclosure next month, according to Foreclosure Listing Service.

The loans on the properties add up to more than a half billion dollars.

Along with the McKinney retail center, other large foreclosure postings include the 10300 North Central office building in Dallas with more than $23 million in debt, and a Grapevine Comfort Suites hotel at 1805 Enchanted Way where U.S. Bank loaned $19.95 million.

Not every property posted for foreclosure winds up being sold at the upcoming auction. Sometimes borrowers and lenders restructure the debt or the action is delayed.

Dallas Morning News

Wednesday, December 9, 2009

Is This How You Currently View Your Property Investment?

The commercial real estate market has many current challenges pushing from all sides. Tenants are hard to come by. Rent is hard to come by. Debt pressures are increasing. And every owner has the burden of real estate taxes. Despite these paramount issues many appraisal districts are still increasing taxes.

Now how can a appraisal district that appraises property based on "MARKET VALUE" justify increases when there is an obvious decrease in market value virtually everywhere? The answer is they do not! That is something for the taxpayer to do. But as a taxpayer do you know where to do this? Do you have the time devote to preparing a complete and detailed case? Do you have the tools for preparing a case? Do you know property tax law?

Well we do. We are Harvard Property Tax Consultants and we specialize in Commercial Property Tax Appeals. We would love to sit down with you and discuss how we can save you money!

Contact us at 469.737.7708,Harvard Property Tax 2222 Elm Street, Suite 200, Dallas, TX 75252

Oncor will buy, remodel downtown buildings

North Texas utility Oncor is close to buying a downtown Dallas office complex.

Oncor, which already has a large office downtown, is purchasing the vacant 1616 Woodall Rogers office buildings near the Victory Park complex, real estate brokers say.

The two eight-story buildings are just west of Akard Street and were built in 1978 and 1992. They once housed the headquarters of Central and South West Corp.

Real estate brokers say that Oncor plans to relocate workers who are now in the Energy Plaza tower on Bryan Street into the Woodall Rodgers buildings, which will be remodeled.

The high-profile offices have been empty for more than five years.

Dallas' Peloton Real Estate Partners has been marketing the property, which is owned by a California investment firm, for lease.

A spokesman for Oncor did not immediately respond to requests for information about the planned purchase. And real estate broker Lawrence Gardner with OMS Strategic Advisors, who is said to be representing Oncor in the purchase, declined to comment on the deal.

The Woodall Rogers buildings Oncor is buying have more than 260,000 square feet of office space, an atrium lobby, a data processing center, two levels of underground parking, an employee fitness center and a cafeteria.