Tuesday, October 20, 2009

Nearly 250 Dallas-Fort Worth commercial properties facing foreclosure next month

By STEVE BROWN / The Dallas Morning News mailto:Newsstevebrown@dallasnews.com

A McKinney mixed-use development tops the long list of North Texas commercial properties scheduled for foreclosure next month.

The Times Square at Craig Ranch complex includes four levels of apartments and retail space and is located at 7951 Collin McKinney Parkway.

Bank of America, which loaned $44.48 million on the project in 2006, said in legal filings that it plans to sell the property at the November 3 foreclosure auction in Collin County, according to information collected by Foreclosure Listing Service.

The McKinney development is the most expensive of almost 250 commercial properties scheduled for foreclosure next month in the Dallas-Fort Worth area, according to Addison-based Foreclosure Listing Service.

A Telecom Corridor office building $27.75 million in debt at 2350 Lakeside Blvd. in Richardson is also set for foreclosure in November. Wachovia Bank provided the mortgage on the 24-year-old building in 2007, according to the filings.

And Compass Bank has filed to foreclose on a warehouse at 2200 Big Town Blvd. in Mesquite that has $25.7 million in debt.

The D-FW commercial property foreclosure postings for November add up to more than $482 million in debt.

So far this year, almost 2,000 commercial properties in Dallas, Collin, Tarrant and Denton counties have been posted for foreclosure, according to Foreclosure Listing Service.