Mark LoCigno, Cassandra Sanford and Rebecca Boyer formed KM Properties LLC and purchased the Clayton property at a foreclosure sale June 3 for slightly more than $1.55 million. John Hall, an attorney with Lewis, Rice & Fingersh, ran the foreclosure sale on behalf of the mortgage holder, Frontenac Bank. Hall said the bank was the only other bidder on the property. RJ York Maryland purchased the property in 2003 for $1.4 million.
The purchase by KellyMitchell executives paves the way for the firm to eventually move its offices, currently at 101 S. Hanley Road in Clayton to the Maryland Avenue building, although LoCigno said there are no immediate plans to relocate.
“We are sensitive to the needs of the current tenants,” he said. Those tenants include RJ York Development, which has its main offices in the building, and Spellman Brady & Co., an interior design firm.
The Maryland Avenue building has slightly less than 10,000 square feet, which is about twice the space KellyMitchell currently leases, LoCigno said.
KellyMitchell is among the largest information technology consulting firms in the St. Louis area, with more than 200 of its 426 total employees based here. The company, which was co-founded by LoCigno and Sanford, has offices in 10 states and is projecting 2010 revenue of about $50 million, LoCigno said.
Frontenac Bank sought to foreclose on the Maryland Avenue property earlier this year, but that action was halted after RJ York Maryland filed for bankruptcy in April. Documents filed in that case show Frontenac Bank was the largest creditor, owed $1.5 million.
The bankruptcy court dismissed the case May 7, and RJ York was unsuccessful in getting a temporary injunction to block the foreclosure.
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