Harrisonburg Crossing in Foreclosure

Today’s edition of the Daily News Record included a notice that a large portion of the Harrisonburg Crossing Shopping Center is in foreclosure proceedings.  With more than 500,000 square feet, the popular retail site is home to Barnes & Noble, Staples, Wal-Mart, and many other stores and restaurants.  (In June Best Buy will take over the space previously occupied by Circuit City.)

It appears from city tax records that the parcels housing Wal-Mart and Home Depot are not part of the foreclosure.  The tax records indicate that the rest of the shopping center is owned (for the moment) by THF Harrisonburg Crossing LLC.

The auction is scheduled at 3:00 pm on May 4th at the front entrance of the Rockingham County Courthouse.  The successful bidder must make a deposit of a mere $1,000,000 at the sale — and close on the property within 15 days.

The sale probably won’t affect shoppers or commercial tenants, but the foreclosure is the most prominent local casualty of the commercial real estate downturn that has battered property owners and lenders nationwide for the past two years.

About Chris Rooker

Chris is an associate broker at Kline May Realty. He began his real estate career in 2003 with the vision of creating a residential sales team that works together to offer home buyers and sellers extraordinary customer service. He manages the activities of the team, and works directly with buyers and sellers. He loves where he works and lives – which is exemplified by his service on the boards of the local Salvation Army chapter and the Belmont Civic Association. When he is not tending the business, he enjoys cooking, reading, and spending time with his wife, two boys, and his family’s beloved schnoodle (miniature schnauzer + poodle), Sadie.

3 thoughts on “Harrisonburg Crossing in Foreclosure

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