The owner of one of Saline’s major shopping centers has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court, Eastern District of Michigan.
Sauk Trail Commons LLC, based in Southfield, is owner of Commons at Sauk Trail, the shopping center which until recently was home Country Market, Blockbuster Video and H&R Block.
According to court records, Sauk Trail Commons LLC owes $8 million to Wells Fargo Bank for Salamon Brothers Mortgage and $510,000 to the Washtenaw County Treasurer. The company filed for bankruptcy Aug. 17. Chapter 11 bankruptcy allows a company some protection against creditors as it restructures.
According to records, major shareholder Nadim Hakim has three related companies, Investico Development, Univest Development, and Trimark Development, in Chapter 11 bankruptcy.
In the last year, the Commons at Sauk Trail shopping center has lost Country Market, Blockbuster Video and H&R Block. The City of Saline recently confronted property owners about the deteriorating appearance of the property, accented by the leaning “Commons at Sauk Trail, Welcome to City of Saline” sign at an important city gateway. Since then, the sign has been repaired and potholes in the parking lot have been filled.
Sauk Trail Commons LLC is represented by attorney Robert Bassel, of Clinton.