KPMG Centre Posted for Foreclosure–Again

By Camelia Bulea, Associate Editor The 828,000-square-foot KPMG Centre (pictured at right) has been posted for the June foreclosure auction. The 34-story office tower is appraised at $44 million, according to data from the Addison-based Foreclosure Listing Service Inc. According to the Dallas Business Journal, this is not the first time the skyscraper, which has [...]

The 828,000-square-foot KPMG Centre (pictured at right) has been posted for the June foreclosure auction. The 34-story office tower is appraised at $44 million, according to data from the Addison-based Foreclosure Listing Service Inc.

According to the Dallas Business Journal, this is not the first time the skyscraper, which has $64 million in listed debt, was posted for auction–it was scheduled for the May auction, as well. George Roddy Sr. told the Dallas publication in April that some of the bigger properties,are posted for foreclosure several times before they are sold. Valley View Center has also been previously posted for foreclosure. It was posted in May with $125 million in listed debt, even though it was last appraised at $32.8 million.

KPMG is contracted to occupy about 71 percent of KPMG Centre until 2015. The property is being managed by Jones Lang LaSalle Inc.

In other interesting news, RioCan has announced that it expects to buy an 80 percent interest in the retail portion of Montgomery Plaza on West Seventh Street in Fort Worth. The Canadian trust is paying $44 million for its interest, according to the Fort Worth Star-Telegram. The remaining interest, valued at $11 million, will be retained by Kimco, which developed the property and will continue to manage it.

The Fort Worth publication reported that Montgomery Plaza, a 291,160-square-foot retail property, is 89 percent leased. SuperTarget is the largest tenant. Junior anchors include Office Depot, Ross Dress for Less, Marshalls and PetSmart. Arts and crafts retailer Michaels will open a store this fall.

Photo credits: Wikipedia.org