The property is now in the hands of LNR Partners Inc., a Florida special servicer of distressed real estate, Dallas County deed records show. Macerich had a $125 million loan on Valley View, which was due in January, the California-based company's financial filings show.
Macerich in 1996 paid more than $85 million to purchase Valley View, then considered one of North Dallas' most successful shopping centers. In 2005, the shopping center company spent $30 million to add a 16-screen AMC movie theater. [This was one year before the top of the bubble. Absolutely impeccable timing!]
And in recent years, Macerich has worked on plans to redevelop Valley View and considered tearing down parts of the old mall and incorporating residential and office space. [Exactly what is needed in an residential housing commercial real estate glut to maximize that ROI!]
In December of 2009, I posted and article and accompanying research titled, "A Granular Look Into a $6 Billion REIT: Is This the Next GGP?" The following are excerpts from it: