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Lenox Park buildings sell for $6.1M out of foreclosure



deal contract

A special servicer has signed a contract to buy two large office buildings near Kirby and Route 385.











Ryan Poe
Staff writer- Memphis Business Journal

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A special servicer based in Maryland has purchased out of foreclosure the Lenox Park Professional Buildings in Southeast Memphis for $6.1 million.

An affiliate of CWCapital Asset Management LLC bought the two buildings at 3175 and 6625 Lenox Park Drive, each about 103,000 square feet, from substitute trustee and Baker Donelson Bearman Caldwell Berkowitz PC shareholder R. Spencer Clift III, according to  public Shelby County Register of Deeds records.

The Class A buildings, which are south of the Kirby exit of Route 385, were foreclosed on after the owners defaulted on a $17.3 million loan, records show.

Ryan Poe covers commercial real estate; transportation and logistics; construction; and Downtown Memphis. Contact him at rpoe@bizjournals.com.


Article source: http://www.bizjournals.com/memphis/news/2014/04/29/lenox-park-buildings-sell-for-6-1m-out-of.html

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