St. Petersburg property owner alleges investor breached contract

By Noddy A. Fernandez | Jan 26, 2018

CLEARWATER — The owners of the Priatek Plaza building in St. Petersburg are suing one of its investors, alleging breach of contract and breach of fiduciary duty.

CLEARWATER — The owners of the Priatek Plaza building in St. Petersburg are suing one of its investors, alleging breach of contract and breach of fiduciary duty.

One Progress Plaza II LLC and One Progress Plaza Inc. filed a complaint Jan. 8 in Pinellas County Circuit Court against Battleview Properties, LLC, alleging the defendant breached the operating agreement by, without limitation, refusing to accept the liquidating distribution.

According to the complaint, on June 1, 2017, after selling the Priatek Plaza building at 200 Central Ave., St. Petersburg, One Progress Plaza began the process of winding up the company as required by terms of its operating agreement, including making liquidated distributions to its members, including Battleview. 

The plaintiff alleges Battleview has accepted distribution amounting to nearly $14.3 million but, despite enjoying a more than 100 percent return on its investment, Battleview has disputed One Progress Plaza's determination of the liquidating distribution. 

The plaintiffs allege Battleview Properties has failed to return the liquidating distribution check and failed to offer any explanation on the refusal to accept the liquidating distribution.

One Progress Plaza II LLC and One Progress Plaza, Inc. seek trial by jury, the liquidating distribution due, court costs, attorney fees and all other relief to which the plaintiffs are entitled at law or in equity. They are represented by attorneys Glenn E. Goldberg of Goldberg Law Group, PA in St. Petersburg and C. Philip Campbell, Jr. of Shumaker, Loop & Kendrick, LLP in Tampa.

Pinellas County Circuit Court case number 18CA000142

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