Bank buys Town Plaza Mall in foreclosure
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Town Plaza Mall sold for $2 million Tuesday.
California-based Cathay Bank - which already held the bank note to the mall - purchased the facility during a foreclosure auction on the Victoria County Courthouse steps, said Lee Keeling, who acted as substitute trustee in the transaction.
Keeling's law firm, Walker Keeling and Carroll, represented Cathay Bank, he said.
Located at 1502 E. Airline Road, the mall had experienced difficulties in recent months.
Several tenants, such as the Texas Health and Human Services offices and the Department of Veterans Affairs' outpatient clinic, went without power for nearly three days in early December when the mall's electricity bills went unpaid.
The mall went into foreclosure and, according to courthouse documents dated Dec. 16, was slated for public auction.
Calls to the mall's previous owner were not returned Wednesday.
Nancy Garner, president of Woolson Real Estate, was named court-appointed receiver during the foreclosure and, although that position dissolved with the sale, Cathay Bank has asked her to stay on as a representative.
Garner will work with Summit Rental & Management Co., the property managers, she said, and wants to keep things running smoothly for tenants.
Other than notices explaining where to send rent checks, things should run just as they always do, she said.
"All you can do is try to remedy the problems and move forward and correct things," Garner said. "If we do our jobs right, all they'll see is improved services."
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Town Plaza Mall tenants who have questions can call:
n Summit Rental and Management Co. at 361-576-6517
n Nancy Garner at 361-578-3623.
Comments
Thanks for posting the link, markkrueger. That one slipped through but I appreciate you getting that up there!
January 8, 2009 at 11:11 a.m.OK - Who let it go? Substantiate the claim and post it in the comments.
January 8, 2009 at 9:42 a.m.All ownership records can be found at the Victoria County Appraisal District's website. Here's the link to this particular property which was owned by Azalea Mall in Houston which appears to be an investment company http://propaccess.trueautomation.com/... "Expand All", look at the Deed History at the bottom and your question will be answered.
January 8, 2009 at 6:18 a.m.$4,150,000 appraised tax value with $103,000 annual tax. Wow! No wonder they went bankrupt.
Question: Will Victoria CAD reappraise this property or use the current recorded value? If it only brought $2 million, then isn't that what it's worth? Also, how could the mall's tax value jump from $938,000 in 2006 to $4,150,000 in 2007? This is another classic example of the appraisal district's ridiculous method of attaining values. It appears that the note payments suddenly were directed towards the tax office instead of the bank. Again, no wonder they bankrupted.
If the tax office doesn't get real, you're going to see a lot more of this.
Looks like the paper is too chicken to actually name the debtor who let this place go. Likely mortaged it at this inflated price, then let the stupid bankers repo the place.
January 7, 2009 at 9:24 p.m.Care to identify the "former owner"? What chickenshit reporters we have here!
Are there any journalists in the house?