Faced with $17 million owed on its mortgage and unable to meet its monthly payments, the five-year-old Collier Town Square shopping center in Collier is facing a sheriff sale in December.
The date for the sale was confirmed by the Allegheny County Sheriff's Office, which conducts the monthly sales.
A default judgement is being sought by the mortgage holder, LBUBS 2007-C2 Washington Pike Limited Partnership, based in New York.
Occupancy at the 64,546-square-foot center on a 7.25-acre site at 1597 Washington Pike, has declined as a number of stores, including several restaurants, have closed during the past year.
About 18 stores are opened, including a Damon's Grille, Starbucks, Moe's Southwest Grille, Golden Dragon Chinese Restaurant, a UPS outlet, a National City Bank branch and Taste of Chocolate.
The center was developed by members of Praxis Resources LLC, which lists as its address as 1 Forsythe Road, Presto, Pa. One of the principals of Praxis, Jerome J. Sukernik, is listed in the complaint as the local officer of Collier Town Square LLC, the owner.
Attempts to contact Sukernik and any member of Praxis, were unsuccessful.
One former tenant said she and others closed or moved because the center lacked sufficient parking, with 406 spaces, and because the landlord raised rental costs.
"We moved from the center to our current location at 301 Old Washington Road, because of the parking situation," said Krista Lorenzo, owner of Curves, who moved about a half-mile away. "Every tenant I talked with during my four years at the center -- from January 2004 until June -- complained about the parking," she said.
Lorenzo said some tenants left because of the hike in the rent. Initially it was about $20 per square foot for most tenants, but the owners raised it to $30 per square foot.
Tenants who left included New York Deli, Tambellini's restaurant and the Hottest Dog. At least one restaurant, Scoglio's Italian Restaurant relocated instead of closing, she said.
The center has been up for sale for the about a year by Michael Liquori, associate broker at Langholz Wilson Ellis, a commercial real estate firm.
"We received several offers, but when the economy took a nosedive this summer, the offers were rescinded," he said.
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