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.