LH Today has learned that the owner of Lake Highlands Plaza, located at the southwest corner of Walnut Hill and Audelia, is in default on the property and has been kicked out of their Irving offices.

Eric Brauss, founder of Today Realty Advisors, Inc., currently owns Lake Highlands Plaza, home to popular local retailers including Highlands Cafe and T. Hee Greetings.

Our attempts to contact Brauss were unsuccessful.

The landlord of Today Realty's Irving offices reported that TRA is no longer a tenant, after failing to pay rent.

You can read more about Eric Brauss in a recent Dallas Morning News story by clicking here.

LH Today was successful in contacting Godfried Traub, President of Protea Real Estate, the property management company contracted by TRA to manage Lake Highlands Plaza.

“Yes, Today Realty Advisors is out of business, and Mr. Brauss has left the country," says Traub.

“We are in limbo at the moment, but we're doing the best we can.”

Mr. Traub reports that the owner of the debt on the shopping center, Wells Fargo, is set to take over the property on January 5th.

It is unclear at this point, however, if Wells Fargo is the sole owner of the approximated $5 million debt held on the property.

Capmark Financial Group is a special servicing company which has been engaged as the asset management firm, until a buyer for the property is found.

So, what does all this mean for the Lake Highlands property and its current tenants?

As of right now, it’s business as usual.

However, in an ideal world, the sale of this shopping center will net a buyer that likes the idea of adding a residential component to the property.

In September, LH Today launched a three-part series on the Walnut Hill/Audelia intersection. With the help of several community leaders, we explored what redevelopment of this intersection might look like.

You can read the series by clicking on the links below.

Walnut Hill/Audelia Series

Part I – Click here
Part II – Click here
Part III – Click here

Update: 12:43 p.m. 12/10/09
A Wells Fargo representative has reported to LH Today that Wells Fargo does not own the debt, but that bond holders in a CMBS (Commercial Mortgage-Backed Securities) pool currently hold the debt.

We will continue to keep you updated as new information becomes available. Stay tuned.