A $15.3 million foreclosure notice filed last week against the owners of the Erindale Center shopping complex in Colorado Springs is the city’s costliest so far in what has been a rough year for real estate.
The Erindale Center, owned by an Oklahoma City company, is home to Woodley’s Fine Furniture and Tuesday Morning, along with several smaller retailers.
BJ Hybl of the property management firm Griffis/Blessing Inc. was appointed receiver on the foreclosure. He said the property is an attractive location for businesses and the owner is likely to try to work something out with lenders.
“I think it’s a well-located, central center,” Hybl said.
Tim O’Connell, manager of the Woodley’s, said the foreclosure won’t affect the businesses there. “It is changing hands. As far as our ownership and the store, it’s doing really well.”
The property’s owner, North Academy Home Center LLC, has until March to make missed payments or work out a deal with lenders, according to El Paso County Public Trustee records. After that, the property could be auctioned or sold.
