More than half a dozen North Texas Walmarts are facing foreclosures.
The owner, Carrollton-based investor Riba Walmart Investment LLC, has reportedly defaulted on $41.5 million in loans, according to the Dallas Morning News. The seven retail buildings — all occupied by Walmart Neighborhood Markets stores — are scheduled to be sold at foreclosure auctions early next month. However, negotiations with the borrower are still ongoing.
Aaron Amuchastegui, CEO of Foreclosure Listing Service called the pre-foreclosure postings “highly unusual.”
The debt on the properties was made last year and is held by a fund represented by Dallas-based Reserve Capital. According to OpenCorporates, Riba Walmart Investment dissolved in June of this year.
“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,” Amuchastegui said. “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.”
The Walmart properties are in Cedar Hill, Desoto, Lancaster, Sachse, McKinney, Grayson County and Rockwall. Together, they represent the most significant North Texas commercial real estate threatened with foreclosure. Amuchastegui estimated the buildings have tax appraisals ranging from $1,264,541 and $5,738,835.
Statewide, FLS is only tracking 79 commercial properties posted for foreclosure sale.
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