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RICHARDSON, TX-The 220,000-square-foot Richardson Heights Shopping Center is headed toward foreclosure sale in June. According to a report in the Dallas Morning News, the owner of the 50-year-old retail center is in default on more than $32 million in debt.

The property at 100 S. Beltline Rd. was financed by Credit Suisse First Boston’s mortgages securities firm. The Dallas Morning News also reports that the property owner Shafter Property Co. owns to similar properties in the Dallas area, that are also posted for an early June foreclosure.

Dallas-based Shafer Property Co. bought Richardson Heights Shopping Center in late 2005, with plans to reposition the asset. To close on the asset, Shafer Property had acquired a two-year interim loan of close to $28 million from Wachovia Bank, with $3.25 million held back for the repositioning play.

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