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Rustic Hills doesn’t sell to investor at foreclosure auction

Wed, Oct 5, 2011

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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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