Shops at Broad seeks court approval to sell lot for $2.25 million

By Sarah Lizee

Olympia, Wash., Oct. 12 – Shops at Broad, LLC is seeking court approval to sell a 6.87-acre lot in Mansfield, Tex., to Realty Capital Management, LLC for $2.25 million, according to a motion filed with the U.S. Bankruptcy Court for the Northern District of Texas.

Prior to filing bankruptcy, the debtor was actively marketing the property, along with several other tracts of land.

The debtor said Realty Capital’s offer is the highest and best it has received for the lot.

If the sale is approved, the debtor will pay the outstanding taxes owed to Tarrant County against the property, with the remaining sales proceeds paid toward creditor Trez Shops at Broad, LP’s secured claim.

The Atlanta-based retail property owner filed bankruptcy on Sept. 2 under Chapter 11 case number 22-42059.

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