KPMG Centre, Valley View Posted for Foreclosure Auctions
- Apr 23, 2012
The 34-story KPMG Center in downtown Dallas (pictured at right) and Valley View Center, a 1.6 million-square-foot retail property, have been posted for foreclosure auctions.
According to the Dallas Business Journal, KPMG Center has $64 million in listed debt, even though it is appraised at $44 million, while Valley View Center has been posted with $125 million in listed debt, even though it was last appraised at $32.8 million. The latter is being listed for foreclosure for the second time.
The past year has seen quite a few distressed properties, although not many proceeding to foreclosure, George Roddy Sr., president of Addison-based Foreclosure Listing Service Inc., told the Dallas Business Journal. He added that the bigger properties are posted for foreclosure several times before they are sold at auction.
The 828,000-square-foot office tower was built in 1980 and was last renovated in 2007. Its lead tenant, accounting firm KPMG, has a lease expiring in 2015. KPMG has 247,000 square feet in the building, which is 71 percent occupied.
The mall was developed in 1973 and is now owned by LNR Partners Inc. and managed by Jones Lang LaSalle Inc., according to Wikipedia.org.
Meanwhile, the Market at Valley Parkway, an 85,518-square-foot community retail center, was recently acquired by Lewisville Grove Parkway Ltd., a limited partnership assembled by The Weitzman Group and Cencor Realty Services, for an undisclosed sum. Among the center’s tenants are names like Tom Thumb, The UPS Store, Great Clips, Edward Jones, H&R Block and State Farm, according to the Dallas Business Journal.
Photo credits: Wikipedia.org