posted on January 29, 2012 15:15
Dallas’ defunct Valley View Center has been posted for foreclosure, and is scheduled to appear at the Feb. 7 Dallas County auction.
The 1.1-million-square-foot property was deeded back to the lender more than a year ago, but the foreclosure process will give the lender a clean title on the property, saidGeorge Roddy Sr., president of Addison-based Foreclosure Listing Service Inc.
“This was no surprise,” Roddy said. “This will extinguish any secondary liens on the property.”
The unpaid balance on the mortgage is $125 million. The 39-year-old property was last appraised at $32.9 million, he said.
The mall, which sits just north of LBJ Freeway at Preston and Alpha Roads, went into receivership in 2010, and Miami-based LNR Partners Inc. is the special servicer of the property.
Jones Lang LaSalle, the receiver of the property, was marketing the mall as a possible hot spot for a mixed-use development since May.
In July, a group of property owners around Galleria Dallas and Valley View Center were working to form a long-term redevelopment vision for 430 acres between the shopping centers.
In September, an investment partnership affiliated with SLJ Company LLC and Dallas-based Hunter Equity LLC acquired the 20.6-acre Macy's site.
1/25/12, Candace Carlisle, Dallas Business Journal