Texas Investment Co. Buys Three Parking Lots

A Dallas-based company called TTOW Properties LLC has acquired a Memphis parking lot portfolio from CPC Realty LLC for a combined $1.5 million in special warranty deeds that also included quitclaim transfers. The portfolio comprised parking lots at 201 Adams Ave., 243 Exchange Ave. and 332 N. Main St.
TTOW Properties financed the purchase with a loan through Compass Bank for $1.3 million. The transaction also included an assignment of leases.

The 201 Adams Ave. location sold for $1.1 million. It includes three separate but adjoining parcels at the southeast corner of North Third Street and Adams Avenue.

The 243 Exchange Ave. location sold for $300,000. It includes two separate but adjoining parcels at the southwest corner of North Fourth Street and Exchange Avenue.

And the 332 N. Main St. location sold for $110,000. It includes two separate but adjoining parcels at the southeast corner of North Main Street and Jackson Avenue.

TTOW Properties is affiliated with Dallas-based Belclaire Investment Corp. and Belclaire Realty Ltd., the investment arm of Belclaire Cos. A company spokesman declined comment on the acquisition.

But, according to its Web site, Belclaire has acquired more than $25 million in real estate over the past decade by providing superior service and returns to our partners and investors. The companys primary focus is on downtown and inner city markets.

The seller, CPC Realty, is a division of Nashville-based Central Parking Corp.

About Central Parking Systems

CentralParkingCorporateOffice.jpgCentral Parking System is the leader in professional parking management. With offices in all major metropolitan areas in the United States, the Company operates approximately 2,500 parking facilities containing 1.2 million spaces. The Companys clients include some of the nations largest owners and operators of mixed-use projects, office buildings, hotels, stadiums and arenas as well as airports, hospitals and municipalities.
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Central Parking Corp.
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www.parking.com
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