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ST. LOUIS-The status of the Sappington Square retail center has been up in the air since November, when Pulaski Bank began to foreclose on the $13 million project. Up until last week the 60,000-square-foot property was still being fought over, but now the lending bank has purchased the strip mall at auction for $6.67 million.

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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