Stone Oak shopping center shutting down (Bowie: sale, rental, credit)

[jorgito]

I just talked to a tenant that runs a deli (Heubner and Stone Oak) and she told me that everyone in that shopping center has to move out by the middle of February? Other tenants include Cielito Linda, Roosters, Tripoly, Firehouse Subs, Thai Chili, etc. Anybody have any info on this? She said that the management company has gone bankrupt. Thanks!

[SAFTW]

Great. That's all this town needs. Another vacant shopping center.

[dendox]

While I have no specific insight in this situation, I would be amazed if that shopping center went vacant. It is too ideal of a location.

What I expect would happen - if the BK is true - is for the BK trustee to keep the center open and collect the rents in an effort to pay off creditors. Once the sale is complete, I expect the new owner would renegotiate with the tenants.

Again, all pure speculation, but I can't imagine that to be true.

[jorgito]

Yeah I agree with you. Sounds like a more feasible resolution.

[Bo]

Originally Posted by dendox

While I have no specific insight in this situation, I would be amazed if that shopping center went vacant. It is too ideal of a location.

I agree, too. A center like that is a much more valuable asset while it's full of paying tenants than it is sitting vacant. It's hard to imagine its owner's creditors would want the asset to be devalued if they intend to repossess it.

[pobre]

Great...another large vacant parking lot area for kids to skateboard in...

I hope this is not true..I frequent many businesses in that SC.

[hello13685]

That's terrible. I've been to that mall a number of times. This is supposed to start happening all over the country with more and more frequency.

[Camper1]

Originally Posted by Bowie

I agree, too. A center like that is a much more valuable asset while it's full of paying tenants than it is sitting vacant. It's hard to imagine its owner's creditors would want the asset to be devalued if they intend to repossess it.

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

[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.

[ryneone]

As all other poster said a shopping center 100% occupied on one of the busies intersections and in a more affluent area of the city will not go vacant.