LNR Affiliate Picks Up Memphis Marriott for $12.4M; New Breed Logistics Announces $23M Expansion
By Eliza Theiss, Associate Editor
The 315-key Memphis Marriott at 2625 Thousand Oaks Blvd has sold for $12.4 million in a foreclosure auction to an affiliate of LNR Partners LLC, the Miami Beach, Fla.-based special servicer. According to The Memphis Daily News, the LNR affiliate, identified as JPMCC 2007-CIBC19 Lodging 2625 LLC, purchased the asset in late January from a substitute trustee acting on behalf of U.S Bank N.A. The asset went into foreclosure after previous owner CP Memphis Properties LLC of Kentucky defaulted on a $38 million loan. CP Memphis came into possession of the property after merging in 2005 with NSHE Paris LLC, an entity that purchased the hotel for $15.3 million the previous year. CP Memphis secured the loan in 2007 through CIBC Inc.
The 315-key 14-level hotel features four suites and six concierge levels. Its 16 meeting rooms add up to 14,500 square feet of meeting space, including a two-level ballroom that can seat 250 and another that can seat 500. Amenities include an indoor pool, as well as an outdoor seasonal one, whirlpool, game room, fitness center, full service business center, high-speed Wi-Fi throughout the property and onsite parking. The Blue Shoe Bar & Grill onsite restaurant offers an American menu with a Southern twist.
Built in 1987, Memphis Marriott is one of three Marriott-branded hotels in The Bluff City. The Shelby County Assessor of Property valued it at $14.3 million in 2012.
In other news, New Breed Logistics announced a $23 million expansion of its Memphis operations. The expansion is set to increase the company’s current operations at 4895 Citation Drive as well as leasing additional space at 4585 Quality Drive – 404,000 square feet, according to The Memphis Daily News. All in all the increase in operations will create 468 new warehouse and distribution jobs.
The High Point, NC-based third-party logistics provider manages over 10 million square feet of warehouse space across 75-plus distribution centers and employs over 7,500 worldwide.
Photo courtesy of Memphis Marriott’s Facebook page
Chart courtesy of Marcus & MillichapTags: economy, leasing, property management