That’s the word from commercial broker Bill Blaydes, who says the shopping center at Walnut Hill and Audelia’s southeast corner is under contract and should be overhauled when the sale closes.
“The cost of the land is too much for residential housing, but they do intend to redo the old shopping center and get it back into shape,” Blaydes says.
He didn’t identify the buyer, saying only that it is a “local group” and that the sale is due to close in mid-January 2013. Atomic Pie and Offshore’s Next Door are two of the restaurants in this shopping center, which comprises mostly service retail and a couple of storefront churches. The only property on that corner not included in the sale is the Circle K, Blaydes says.
Dallas Central Appraisal District identifies the current owners of Lake Ridge shopping center as Lai Jia and Nai Hui Wang of San Jose, Calif. They own two different parcels that make up most of the shopping center, one valued at roughly $3.2 million and one at roughly $801,000. The current retail strips were constructed in the late ’60s.
Blaydes, a former councilman, is one of many in Lake Highlands who has been preaching the gospel of our neighborhood to anyone who will listen, and finally, he says, “people are starting to realize that this really is a jewel out here.”
Across Audelia from the Lake Ridge shopping center, quite a bit of the retail shopping center has been bulldozed, and single-family homes are about to be constructed on the land. More updates on that soon at lakehighlands.advocatemag.com.