$15M North Dallas retail center posted for foreclosure auction

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A retail center at 6959 Arapaho Road has been posted for the December foreclosure auction. The property has a low occupancy rate of 68 percent.

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Candace Carlisle

Staff Writer- Dallas Business Journal

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A North Dallas shopping center totaling 154,164-square-feet on more than 11 acres of land has been posted for the December foreclosure auction in Dallas County.

Whether the property goes to bidders on the steps of the Dallas County courthouse wont' be clear until Tuesday, Dec. 2. But there are some details available.

"The occupancy right now is 68 percent with rents that are $9 to $17 per square foot, triple net," said George Roddy Sr., president of Addison-based Foreclosure Listing Service Inc., which tracks North Texas' foreclosure listings.

In the past, the shopping center at 6959 Arapaho Road was anchored by an old Albertson's grocery store, he added.

Roddy said the property is valued at nearly $15.3 million. North Hillcrest Partners, which has a mailing address out of Houston, owes $10.9 million on the property.

This North Dallas retail property is an exception in the region. Throughout North Texas, retail property has a vacancy rate of 7.6 percent, according to CBRE's latest quarterly research.

Developers currently have 3.4 million square feet of retail space under construction in Dallas-Fort Worth, according to the research.

Candace covers commercial and residential real estate and sports business.