Crye-Leike Owners Sell Six Buildings to Local Investor to Reinvest in Company’s Growth
Memphis, Tenn. – Harold Crye and Dick Leike, co-owners of Crye-Leike, Realtors, recently sold six of their investment properties to a local investor for $4.02 million.
Long-time local investor Lawrence Migliara of Memphis made a group deal with Crye-Leike’s co-founders to purchase six Crye-Leike office buildings in exchange for long-term leases on four of Crye-Leike’s existing properties that currently house operations for its branch offices in Hickory Ridge, midtown Memphis, Whitehaven and an office on Austin Peay.
“The sale was strictly an investment deal,” said Crye. “We saw an opportune time to get cash out of our existing facilities so we could re-invest those monies into continued growth. For example, we have outgrown our office space in Hernando, Miss. and need to build a bigger office building there, and we are expanding into Spring Hill, Tenn. Our history shows that we do not close branch offices; we grow them.”
The sale in exchange for five-year long-term leases included Crye-Leike branch offices at 3634 Austin Peay, 2220 Union Avenue (Midtown branch), 1396 E. Shelby Drive (Whitehaven branch) and 3565 Ridge Meadow Parkway (Hickory Ridge branch). The remaining two Crye-Leike properties sold were located at 1440 Shelby Drive, the original location for Crye-Leike’s Whitehaven branch office that the company outgrew in 1994, and a Crye-Leike storage facility and strip center at 5681 Mt. Moriah.
This real estate transaction was a complicated six-building package, says company officials, coordinated by selling agent, John Waddell of Crye-Leike Property Management.
“The offer was appealing to my client because he liked the fact that the properties were well-built buildings and there was a long-term credit tenant like Crye-Leike involved,” said Waddell.
Crye-Leike Property Management, a division of Crye-Leike (www.crye-leike.com), the nation’s 10th largest residential real estate company, manages office and retail space; single-family homes; and condominium or planned unit development (PUD) communities. Crye-Leike Property Management (www.crye-leikerentals.com) in Memphis manages over 1 million square feet of office and retail space; over 550 single-family homes; and over 50 condominium or PUD communities with over 6,500 units. Crye-Leike’s management portfolio includes investment owners and owners of previously-managed properties where Crye-Leike Property Management provides marketing assistance.