Midlothian shopping center saved from foreclosure

The 31,000-square-foot Shops at Stonehenge is 94 percent occupied. (J. Elias O'Neal)

The 31,000-square-foot Shops at Stonehenge is 94 percent occupied. (J. Elias O’Neal)

A last-minute loan payoff from its Texas-based owner helped a Southside retail strip narrowly avoid the auction block earlier this month.

A foreclosure sale of The Shops at Stonehenge property at 2013-2077 Walmart Way in Midlothian was called off just days before its scheduled date of April 7, after Fort Worth, Texas-based Melhi Richmond Properties paid off an overdue $3.03 million balance.

That’s according to a report from Trepp, which tracks commercial mortgage-backed securities loans. Trepp found that Melhi Richmond Properties made the payout before an April 1 deadline.

It’s the second time this year the landlord thwarted a threat of auction on the Shops at Stonehenge property. The owner paid $800,000 toward its balance in February – the first time its lender attempted foreclosure.

At 31,000 square feet, the Shops at Stonehenge houses national and regional tenants such as Q Barbecue, Cato Fashion and Windows Depot. It is wedged between a Sam’s Club and a Walmart Supercenter, neither of which were part of the foreclosure.

Terms of the payoff were not publicly disclosed. Melhi Richmond could not be reached for comment Tuesday afternoon.

The strip center was built during the height of the real estate boom in 2006. It most recently was assessed by the county at $6.5 million and had a 94 percent occupancy rate during the first quarter of 2016, according to Trepp.

Its rent revenue and total operating expenses for 2015 were $350,000 and $132,000, respectively. That’s down from its peak rent revenue of $614,000 in 2008.

The 31,000-square-foot Shops at Stonehenge is 94 percent occupied. (J. Elias O'Neal)

The 31,000-square-foot Shops at Stonehenge is 94 percent occupied. (J. Elias O’Neal)

A last-minute loan payoff from its Texas-based owner helped a Southside retail strip narrowly avoid the auction block earlier this month.

A foreclosure sale of The Shops at Stonehenge property at 2013-2077 Walmart Way in Midlothian was called off just days before its scheduled date of April 7, after Fort Worth, Texas-based Melhi Richmond Properties paid off an overdue $3.03 million balance.

That’s according to a report from Trepp, which tracks commercial mortgage-backed securities loans. Trepp found that Melhi Richmond Properties made the payout before an April 1 deadline.

It’s the second time this year the landlord thwarted a threat of auction on the Shops at Stonehenge property. The owner paid $800,000 toward its balance in February – the first time its lender attempted foreclosure.

At 31,000 square feet, the Shops at Stonehenge houses national and regional tenants such as Q Barbecue, Cato Fashion and Windows Depot. It is wedged between a Sam’s Club and a Walmart Supercenter, neither of which were part of the foreclosure.

Terms of the payoff were not publicly disclosed. Melhi Richmond could not be reached for comment Tuesday afternoon.

The strip center was built during the height of the real estate boom in 2006. It most recently was assessed by the county at $6.5 million and had a 94 percent occupancy rate during the first quarter of 2016, according to Trepp.

Its rent revenue and total operating expenses for 2015 were $350,000 and $132,000, respectively. That’s down from its peak rent revenue of $614,000 in 2008.

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