LNR Property Buys Memphis Multifamily for $17.1M; IberiaBank Opens New HQ on Poplar Ave.
- Dec 16, 2011
An entity affiliated with LNR Property LLC, a market leader in commercial property development headquartered in Miami Beach, Fla., recently acquired an Oakwood temporary housing apartment complex, a 252-unit community located at 7455 Wolf River Blvd. in Germantown. The property was bought for $17.1 million from Harris P. Quinn, in a substitute trustee’s sale following a foreclosure, according to the Daily News.
Built in 1996, the residential community sits on 27.7 acres and has one-, two- and three-bedroom units.
Oakland was owned by Bush Realty Colonnade LLC and Empirian Colonnade LLC, which had purchased the apartment complex in October 2004 for a reported $20.7 million.
In other news, the Daily News reports that Shyona Inc. sold the three-story Quality Suites hotel in Cordova to Minesh Patel for $2.5 million. The former owner, which had bought the property in 2008 for $5.2 million, filed for Chapter 11 bankruptcy protection in December 2010. The 102-unit, 66,050-square-foot hotel was built in 1996 and sits on 2.2 acres at 8166 Varnavas Drive.
Additionally, Lafayette, La.-based IberiaBank has opened a new headquarters at 4894 Poplar Ave. The company bought the 35-year-old, 25,000-square-foot building from Regions Financial Corp. last year, with plans to occupy two floors, the rest being reserved for future bank expansion and leasing opportunities.
The bank invested about $2 million in the building’s renovation, according to the Memphis Business Journal. The new location will house its management, commercial and private banking teams along with a full-service branch.
With $11.5 billion in assets, IberiaBank Corp. has 262 combined offices, including 171 bank branch offices in Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 60 locations in 12 states, according to company statements.