Trustee auction of business center canceled

The trustee auction of the Maricopa Manor Business Center scheduled for 10 a.m. today in Florence has been canceled, according to one of the plaza’s owners, Edward Farrell.

Farrell gave no further comment other than to say he is working out a loan modification with the lender, Great Western Bank.

Located at John Wayne Parkway and Garvey Avenue, the business center in January received a default notice from the bank demanding it pay the original principle of nearly $1 million. The notice also demanded that property taxes and a flood insurance premium of $15,000 be paid on the property.

According to court documents, Farrell who owns the center with his mother, Alma, had defaulted on three loans to the bank totaling nearly $4 million.

When tenants of the complex arrived to work on April 9, they were greeted with notices on their doors announcing a pending trustee’s sale of the complex.

The center is anchored by a Great Western Bank branch.

Other tenants include Acts Christian Center, Bright Minds Preschool, Desert Sun Performing Arts, Electrical District No. 3, InMaricopa.com, Maricopa Monitor, Puppy Love Pet Grooming and Western Land Planning, a business owned by Farrell, who also is the city’s vice mayor.

The bank had filed a verified complaint in Pinal County Superior Court on March 23 asking the court to appoint a receiver to take immediate control of the property.

John Hendren, the bank’s group president in Casa Grande, told InMaricopa yesterday he could not discuss the pending auction because of the confidential relationship lenders have with their borrowers.

He referred questions to Scott Jenkins, a Phoenix attorney who is representing the bank. Jenkins did not immediately return a phone message seeking comment.