Hill Country Galleria set for sale or foreclosure, Bee Caves, Tx
Posted January 14th, 2010 by guy3
Lake Travis View
By Devon Monk
Hill Country Galleria owners and noteholders are on the verge of executing a two-pronged plan of reorganization designed to secure either new ownership or foreclosure in the coming weeks.
The property has been operating under a Chapter 11 automatic stay since it filed for bankruptcy in of May 2009.
Several potential investors officially registered their request Jan. 8 to attend an auction of the property Jan. 15 that Austin lawyers Eric Taube and Mark Taylor will conduct, said Joel DeSpain, owner representative and asset manager. Potential bidders were required to place $6 million in escrow to validate their interest.
The minimum bid will be $60 million, and bids will be accepted in $500,000 increments. DeSpain declined to comment on the property’s estimated value.
If there is a qualified offer, it will be reviewed for approval by the bankruptcy court the following week to sell the property, which is at Texas 71 and RR 620 in Bee Cave. If their request goes through, the sale is scheduled for Jan. 29.
“We’ve exposed the property to dozens and dozens of people and have had a lot of them visit the property. There were many major league investment groups [among them],” DeSpain said, noting his surprise that marketing firm Holliday Fenoglio Fowler reported more than 200 requests for information packets.
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http://laketravisview.com/2010/01/12/hill-country-galleria-set-for-sale-...
