Rustic Hills doesn’t sell to investor at foreclosure auction

Wed, Oct 5, 2011


The Rustic Hills Shopping Center sold back to the original lender at the El Paso County Public Trustee’s foreclosure auction today.

Lender GCCFC 2005-GG5 Palmer Park LLC bought the strip mall property near Academy Boulevard and Palmer Park Drive for a little more than $19.6 million. The lender declared a loan deficiency of $976,752. No investors bid on the property.

Garza purchased the retail space in August 2005, according to assessor’s records.

The foreclosure is the largest so far this year.

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