Stone Oak shopping center shutting down (San Antonio, Bulverde: buy, subdivision, live)

[dendox]

Originally Posted by TX_AGGIE13

I agree that while it may seem like a possibility, very highly unlikely. Someone will still own the place, and still take money for pad sites. One thing I do believe though is that with all of the economic downfalls, and drops in consumers these mini-malls, and pad sites all over the place are eventually going to have to face the music of reality and weather they want to or not reduce rental values in order to survive.

I think this is sooo true - very good point. Rental property - commercial side - has gotten exorbitantly high and there appeared to be no end in sight last year. Now, with the current problems, and the glut of retail spaces comming on line, it appears that the tide may be changing (or at least be imminent).

I, for one, hope so.

[dendox]

Originally Posted by Camper1

Wouldn't it then be a tax write off as a loss? ....Just a thought.

Wouldn't the tax write off only be beneficial to the owner if they were trying to write down some other more profitable investments?

I doubt that will be the case. Seems like this shopping center would be a boon for any potential/current owner.

[Ms. 01 Snake]

Please don't let this be true. I go to that center a couple times a week.

[jorgito]

I just received an email from stoneoakinfo.com on this:

"It is my understanding that Stone Oak Crossing is divided into two phases. The section that includes Cieto Lindo, Firehouse Subs, Trilogy, Roosters, Le Peep, etc is not in bankrupcy. These tennants are not affected. The other section that has Europa Deli, Chicago Bar, Ann's Nails, Copa, Cafeggio Coffee are under a different management company. This company has filed bankruptcy. It is also my understanding that the letter these tennants received is out out clause in their lease allowing them to get out without a penalty. However, according to our source the tennants who wish to stay can stay."

I am getting different information from a tenant. She said that they are pretty much forced to leave by February. They will be getting an attorney on this. I hope everything works out.

[scuba steve]

Clear 'em out, then raise the rent maybe?

[smitty12]

Originally Posted by scuba steve

Clear 'em out, then raise the rent maybe?

That may be the deal, generally in a property sale as part of a forced bankruptcy all leases are void and the tenants have to renegotiate with the new landlord. If a tenant is saying they are being forced out, it may be that the new landlord wants to raise the rates on them and the tenant doesn't what to pay the new rate.

It could also be that the new landlord already has new tenants already lined up at higher rates, and doesn't care to have the current tenants stay.

Either way it's doubtful that the a new landlord wants the property to be devoid of tenants.

[pobre]

I can't believe that a new landlord would be foolish enough to raise rents too much. There is another SC right across Huebner with TONS of empty space. S.O. Crossing is fairly full, and has been for a while. While higher rents=higher gross income, ZERO rent from an empty space=NO gross income.

[Buffyfan]

That stinks. I really liked Copa's wine bar.

[traficdogn]

Originally Posted by scuba steve

Clear 'em out, then raise the rent maybe?

Or... it is quite possible the business owner doesn't want to admit they are closing for another reason...

[mrstxcop]

dh and i just went and ate at that Firehouse yesterday and we asked the guy working if they had heard anything about leaving --- he said not due to increased rents or bankruptcy but did hear that Firehouse subs may be closing in general...

also, the cleaners next door to Firehouse was closing, the guy was there yesterday taking down his signs and cleaning out shop --- the Paleta place next door to the cleaners was closed also...

we drove around the back and noticed about 4shops maybe that were closed ---

we don't frequent that area so i don't know if any of these places were closed already, just saying what we saw...