According to a report in the St. Louis Business Journal, Pulaski Bank filed a breach of contract suit on November 19 with the St. Louis County Circuit Cort. The $13 million loan provided by the bank to developer Sappington Square LLC defaulted on May 26, 2009. The developer still owed roughly $9.3 million of the loan, according to Pulaski Bank.
The property, which opened at 9550-9580 Watson Rd. in 2008, is 57% occupied. Tenants include Starbucks, FedEx Kinkos, Great Clips and Panchero's Mexican Grill.
Pulaski Bank purchased the property at public auction late last week for $6.67 million.
To read the full article in the St. Louis Business Journal click here.
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