Hill Country Galleria

We met with Lance Morris of the Weitzman Group who represents the new owners for the retail leasing of the center. The new owners paid cash 70 days ago out of foreclosure with B of A as the lead bank. Apparently there were about 10 banks involved in the original deal.  While the original developers missed the mark, the new owners have a pretty good chance of this mall succeeding...it helps when your basis is a third of what it was for the original developers.   
He shared they are now just under 70% leased and there are lease provisions that allow for some of the retailers to pay a lessor rate if occupancy falls below 70%. Therefore, he his very motivated to sign a few more leases.

It's a beautiful mall and with average incomes in the area exceeding $125,000, there may be enough disposable income for all the retailers to sustain the current economy which in turn keeps the mall open.  So stop by Hill Country Galleria and show patronage to your favorite retailer.

J2M