» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 15 | Wednesday, January 23, 2013

Former Harrah’s Headquarters Sells for $4.1 Million

By Sarah Baker

Print | Front Page | Email this story | Email reporter | Comments ()

The previous owner of the East Memphis office complex at 1023 Cherry Road has reinvested in the asset for $4.1 million.

The buyer was RBM Cherry Road Partners, which originally leased the 113,556-square-foot campus to Harrah’s Entertainment Inc. in 1999 and owns the adjoining property, Oaksedge. RBM Cherry Road Partners is an entity of Memphis-based RBM Venture Co., the private investment company of the R. Brad Martin family.

The sale closed Tuesday, Jan. 22.

“We are pleased to have acquired these special buildings and to have the opportunity to reintegrate these assets with the balance of Oaksedge,” RBM Venture Co. president Scott Imorde said in a statement. “As has been the case during our ownership of the campus, we are committed to the highest standards and quality at this very unique and important location.”

CB Richard Ellis Memphis brokers Johnny Lamberson and Terry Radford represented the seller, New York-based MLMT 2004-MKB1 1023 Cherry Road LLC, in the sale of the campus located next to the Dixon Gallery and Gardens.

MLMT 2004-MKB1 1023 Cherry Road LLC bought the embattled office property for $6.4 million during a substitute trustee’s sale in October 2009 at the Shelby County Courthouse.

Originally developed for Promus Hotels in 1985 and renovated for Harrah’s in 1995, the property has been vacant since Harrah’s moved its Memphis corporate office to 7216 Goodlett Farms in 2006. The Goodlett Farms campus was subsequently vacated in 2008 when Harrah’s relocated its Memphis operations to Las Vegas.

The campus consists of two buildings – one that’s 59,159 square feet and one that’s 54,397 square feet. The property also contains a covered parking structure.

The buildings were 52.1 percent leased as of May, but are both empty. Harrah’s currently is still under lease for the 59,159-square-foot building until April 2017. The lease for the 54,397-square-foot building expired in April.

The Class B office complex’s 2012 appraisal from the Shelby County Assessor of Property, including land and building, was $2.4 million.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.