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.