Sunrise Mall Back In The Foreclosure Scene
April 23rd, 2008
In March the owners the owners of Sunrise Mall managed to postpone foreclosures following discussions with International Bank of Commerce. But today it is back to square one – Sunrise Mall is up for auction on 6th May. The bank has had no alternative to going ahead with the foreclosure proceedings as once more the Mall owners are delinquent. The president of the Corpus Sunrise Mall, Thomas E. Morris was not available for comments. His advocate Joyce Lindauer did not pick up calls.
Corpus Sunrise had taken a loan of $6.5 million from International Bank of Commerce and $1.5 million from a couple of investors based in Austin . The company also owns other similar malls – Six Flags Mall in Arlington and Nolan River Mall in Cleburne.
The Sunrise Mall is is anchored by SteinMart and Wilcox Furniture, Burlington Coat Factory and Sears. The decline did not happen overnight. For few years the mall has struggled with tenant problems. It made its debut in 1981 with success, drawing away clients and tenants from adjacent older Padre Staples Mall. But the tide turned when Padre Staples taking up the challenge underwent major renovation and expansion. This resulted in some of the prominent chains like Joske, Frost Bros, Montgomery Ward and Oshman, going out of Sunrise Mall. This led to the vacant shops being let out as office spaces to tenants operating in various kinds of services like tax consultancy, dentistry, insurance etc.
As per records it seems that one of the owners borrowed $474,000 to meet property tax demands. A backlog of federal and state taxes are still pending as per court documents. A news report states that Thoma E. Morris got engaged in a legal tussle over loans with business associate Denis Engel. Engle and Bell CP Ltd filed suit against Morris in Tarrant County referring to defaults in payment and mismanagement. However Engle and Morris reached an agreement wherein Morris took over ownership of J.C. Penny building at Six Flags Mall in Arlington as well as Sunrise Mall while Engel took over Cleburne Mall.
This is just one of the gloomy pictures dotting the nation. The closing down of malls points not only to the slim pockets of the clients and shoppers but also to many people connected with the running of the jumbo malls from losing their jobs. Foreclosures are reaching out its tentacles not only to individual houses but also to giants malls and heritage buildings.
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May 8th, 2008 at 8:16 am
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