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Foreclosure Proceedings Moving Ahead on Seven North Texas Walmart Food Stores
Riba Walmart LLC, the owner of the seven stores has defaulted on $41.5 million in loans. The retail buildings, which are all Walmart Neighborhood Markets, are slated to be sold at foreclosure auctions early next month.
“These pre-foreclosure postings are highly unusual,” says Aaron Amuchastegui from Foreclosure Listing Service, “While commercial foreclosures are not uncommon in North Texas, we rarely see defaults on deeds of this magnitude, especially when associated with large corporations like Walmart.”
The owner of the seven properties can still come to an agreement with the lenders before the deadline. Despite the size of the debt, the stores remain open, which could indicate a resolution is being discussed.
The stores are in Cedar Hill, Desoto, Lancaster, Sachse, McKinney, Grayson County and Rockwall.
The debt on the properties is held by a fund represented by Dallas-based Reserve Capital and was made last year. The seven buildings tax appraisals range from $1,264,541 to $5,738,835.
