A four-story office building owned by an investor group including Tucson developer Don Bourn is scheduled to be sold at a trustee’s sale next month after going into foreclosure.
The 44,000-square-foot building, in the Williams Centre block at 250 S. Craycroft Road, is scheduled to be auctioned at the county courthouse on Feb. 21.
The 10-year-old building is home to the offices of homebuilder KB Home and the Risky Business Bar & Restaurant.
Bourn, a commercial developer who recently proposed a new mixed-use building downtown, said he is one of a group of investors on the loan, but he would not comment on the foreclosure.
According to a notice of the trustee’s sale filed with the Pima County Recorder’s Office, the owners of the property are BP 250 RCM Investors LLC, BP 250 Thackeray Investors LLC and BP 250 Investors LLC.
The original principal balance on the 2003 development loan for the property is $5.9 million, according to the trustee’s sale notice.
The holder of the loan is North Carolina-based Jefferson-Pilot Investments Inc., according to the sale notice filed with the county.
Through his main company, Bourn Cos., Bourn has developed more than 40 commercial properties, mainly in Tucson.
Most recently, Bourn said he plans to build a mixed-use housing and retail project in the former Thrifty block downtown. Bourn paid $100 for the property in 2004, and the city cleared it for a condo project, but it never materialized amid the real estate crash and legal challenges to Rio Nuevo project plans.