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Economy & Business

Two auctions held over one Paul McKee company

(St. Louis Public Radio)
Paul McKee, Jr. of McEagle Properties, LLC. McKee released an open letter today to the people of St. Louis about his NorthSide development project. (St. Louis Public Radio)

Two auctions were held Monday in connection with developer Paul McKee’s McEagle Properties, LLC.

In the first auction, held by Triad Bank, McKee appeared to pay off McEagle’s remaining debt to the bank. A company connected to McKee paid Triad $748,000 for McEagle’s assets.

"We are pleased to announce that M Property Services, LLC was the successful bidder for substantially all the assets of McEagle Properties, LLC," said McKee spokesman Jim Gradl in an emailed statement. "M Property Services, LLC is a new entity affiliated with the McKee family."

Glenn Mitchell, a property manager for McEagle, is now president of the organization.

An attorney for Triad Bank said once the sale to M Property Services is final, the bank has no further interest in McEagle Properties. Triad had intervened in a lawsuit filed by Titan Fish Two, LLC, against McEagle Properties in March over $2.5 million in defaulted loans.

Titan Fish Two sought receivership over McEagle, but a St. Charles County judge denied the motion last week.

At a second auction held Monday by Titan, the Kansas-based company bought a 95 percent membership interest in McEagle Properties for $100,000. It was the sole bidder.

Neither Titan’s managing member, Joseph Campbell, nor attorney Kyle Binns would comment on what the membership interest would mean for McEagle going forward.

Titan Fish Two has also filed suit against McKee's Northside Regeneration over what it says is more than $17 million in defaulted loans. The company is seeking receivership of more than 400 parcels McKee owns in north St. Louis.

Another auction is scheduled for May 29 of McKee's Hazelwood Logistics Center land and assets by NP Hazelwood 140. That company took over a $31 million judgment that BancorpSouth Bank won against McKee and Hazelwood Logistics Center in federal court in 2011.

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