{"id":1004067018,"date":"2013-02-08T18:05:54","date_gmt":"2013-02-09T02:05:54","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=101219"},"modified":"2025-02-19T06:06:08","modified_gmt":"2025-02-19T14:06:08","slug":"lnr-affiliate-picks-up-memphis-marriott-for-12-4m-new-breed-logistics-announces-23m-expansion","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lnr-affiliate-picks-up-memphis-marriott-for-12-4m-new-breed-logistics-announces-23m-expansion\/","title":{"rendered":"LNR Affiliate Picks Up Memphis Marriott for $12.4M; New Breed Logistics Announces $23M Expansion"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>The 315-key Memphis Marriott at 2625 Thousand Oaks Blvd has sold for $12.4 million in a<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/02\/memphis-marriott.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-101273\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/02\/memphis-marriott.jpg\" alt=\"\" width=\"241\" height=\"300\" \/><\/a> foreclosure auction to an affiliate of LNR Partners LLC, the Miami Beach, Fla.-based special servicer. According to <a href=\"https:\/\/www.memphisdailynews.com\/news\/2013\/feb\/8\/digest\/#74621\" target=\"_blank\" rel=\"nofollow noopener\"><em>The Memphis Daily News<\/em><\/a>, 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.\u00a0 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.<\/p>\n<p>The 315-key 14-level hotel features four suites and six concierge levels.\u00a0 Its 16 meeting <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/02\/hospitality-south-3q2012-barnded-hotel-sales.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-101276\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/02\/hospitality-south-3q2012-barnded-hotel-sales.jpg\" alt=\"\" width=\"300\" height=\"218\" \/><\/a>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 &amp; Grill onsite restaurant offers an \u00a0American menu with a Southern twist.<\/p>\n<p>Built in 1987, Memphis Marriott is one of three Marriott-branded hotels in The Bluff City. \u00a0The Shelby County Assessor of Property valued it at $14.3 million in 2012.<\/p>\n<p>In other news, New Breed Logistics announced a $23 million expansion of its Memphis operations. The expansion is set to increase the company\u2019s current operations at 4895 Citation Drive as well as leasing additional space\u00a0at 4585 Quality Drive \u2013 404,000 square feet, according to <em>The Memphis Daily News<\/em>. All in all the increase in operations will create 468 new warehouse and distribution jobs.<\/p>\n<p>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.<\/p>\n<p><em>Photo courtesy of Memphis Marriott\u2019s Facebook page<\/em><\/p>\n<p><em>Chart courtesy of Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":49,"featured_media":1004507339,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004067018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>LNR Affiliate Picks Up Memphis Marriott for $12.4M; New Breed Logistics Announces $23M Expansion - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lnr-affiliate-picks-up-memphis-marriott-for-12-4m-new-breed-logistics-announces-23m-expansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LNR Affiliate Picks Up Memphis Marriott for $12.4M; New Breed Logistics Announces $23M Expansion\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lnr-affiliate-picks-up-memphis-marriott-for-12-4m-new-breed-logistics-announces-23m-expansion\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-09T02:05:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T14:06:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/memphis-marriott.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lnr-affiliate-picks-up-memphis-marriott-for-12-4m-new-breed-logistics-announces-23m-expansion\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lnr-affiliate-picks-up-memphis-marriott-for-12-4m-new-breed-logistics-announces-23m-expansion\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"LNR Affiliate Picks Up Memphis Marriott for $12.4M; 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