A midtown shopping center has joined the growing ranks of commercial properties facing foreclosure.
The Grant and Swan Shopping Center, at the southeast corner of East Grant and North Swan roads, is scheduled for auction July 6 at the Pima County Courthouse, 110 W. Congress St., according to documents filed with the Recorder's Office.
Borrower C&C Land & Cattle Co. LLP defaulted on a loan with an original principal balance of $2.7 million, the documents say.
The beneficiary is listed as Arizona State Compensation Fund, now known as SCF Arizona. The loan was recorded in December 2000.
The shopping center is anchored by a 22,600-square-foot PetSmart and a 10,000-square-foot Trader Joe's, according to lease information prepared by Volk Co., the commercial real estate brokerage that represents the property.
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KB Home Studio previously had a junior anchor space in the shopping center, but its recent departure left a 12,667-square-foot vacancy.
Volk's leasing information lists five other empty spaces in the shopping center ranging from 1,200 to 3,900 square feet.
C&C Land & Cattle Co. filed for Chapter 11 bankruptcy protection April 15 listing between $1 million and $100 million in assets and between $1 million and $100 million in liabilities. A Chapter 11, or reorganization, bankruptcy filing generally protects a debtor from legal action, such as a foreclosure, while it works out a plan to pay back its creditors.
In an April 19 filing, attorneys for SCF Arizona argued that C&C Land & Cattle Co. should not be able to use any cash collateral generated from the shopping center, except for payments of the ground lease. The lender said it didn't agree to C&C Land & Cattle using any cash from the property without an approved budget and assurance it would receive payments.
Jeffrey J. Carter is shown as a general partner of C&C Land & Cattle Co. in bankruptcy filings. The company's bankruptcy attorney, Scott Gibson, did not return messages seeking comment Tuesday afternoon.
COMING THURSDAY
A local developer has been hit with foreclosure notices on several commercial properties.
Contact reporter Dale Quinn at dquinn@azstarnet.com or 573-4197.