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Texas  + Dallas-Fort Worth  + Retail  | 
7 N. Texas Walmart food stores may set for foreclosure

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.

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Inside The Story

Aaron Amuchastegui

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.