For those of you that have been following the drama of our shopping center, Lake Highlands Plaza, we have an update.
Here's the backstory. The original owner of our plaza, Today Realty, folded about a year ago and the owner bolted for South America supposedly taking a lot of people's money with him. The property went into foreclosure and for the past yearish has been owned by Berkadia Mortgage and managed by Cencor Properties.
About a month ago the bank put the property up for sale to what they reported was an amazing amount of interest from potential buyers. A last minute bidder, The Retail Connection, won the bid with their plans to replace Wal Mart with 17 high end homesites and remodel the remaining retail space. The deal was set to close this past Wednesday.
Well.....late last week things began to go awry. Problems surfaced with the title and financing and by Friday night the deal was off. From what we hear the buyer discovered problems with the flood plain maps which now must go through a very time consuming process of remapping.
So for the forseeable future we remain bank owned...an island in the Dallas real estate ocean.
Locally owned, fabulously fun, gift, stationery and holiday store!
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