In one of the highest-dollar foreclosure sales, the Powers Office Park at 9438 Grand Cordera Parkway sold back to the lender at the El Paso County Public Trustee’s foreclosure auction Wednesday.
The office complex near the intersection of Powers Boulevard and Briargate Parkway sold back to the lender, Real Bank USA, for $14.9 million, which included a nearly $3.7 million deficiency.
The borrower, Compass Capital Group, was loaned more than $23 million on the property in February 2008. The outstanding principle balance was $16.4 million.
Compass Capital’s website is no longer active and the company lists an Arizona address on its corporate filings with the Colorado Secretary of State.