REIT Management & Research’s $75 million offer to acquire the Hill Country Galleria, located in a suburb of Austin, TX has been accepted by US Bankruptcy Court Judge Craig Gargotta.
Originally developed by Opus West Corporation and Lincoln Property Company, the mall was scheduled for auction last May, but became part of the Opus West bankruptcy filing just days before the scheduled auction date.
Located at the address of 12700 Hill Country Blvd, Bee Cave, TX, the development totaled 650,000 square feet of retail, anchored by Dillard’s and Dick’s Sporting Goods, and 142,000 square feet of office.
The bankruptcy court’s acceptance of REIT Management’s offer allowed Bank of America to avoid foreclosing on the property. Prior this ruling, $161 million of the original $192 million construction loan remained unpaid. A sales price of $75 million means about 46% of the indebtedness was recovered from the sale.
[Statesman]
REO Monitor: Hill Country Galleria, TX
Originally developed by Opus West Corporation and Lincoln Property Company, the mall was scheduled for auction last May, but became part of the Opus West bankruptcy filing just days before the scheduled auction date.
Located at the address of 12700 Hill Country Blvd, Bee Cave, TX, the development totaled 650,000 square feet of retail, anchored by Dillard’s and Dick’s Sporting Goods, and 142,000 square feet of office.
The bankruptcy court’s acceptance of REIT Management’s offer allowed Bank of America to avoid foreclosing on the property. Prior this ruling, $161 million of the original $192 million construction loan remained unpaid. A sales price of $75 million means about 46% of the indebtedness was recovered from the sale.
[Statesman]