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

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