Dallas-based real estate investment firm Houghton Acquisition Co. LLC has acquired Cordova Stor-N-Lock, a self-storage facility in Cordova, Tenn., for $2.1 million. This is the second time the property has sold in the last four months after facing foreclosure.
Built in 1997, the 54,199-square-foot property is on 5 acres on the south side of Bonnie Lane, near the intersection with North Germantown Parkway. Houghton Acquisition purchased the facility in an Aug. 30 special-warranty deed from U.S. Bank N.A., in care of special servicer C-III Asset Management LLC in Irving, Texas, according to the source. C-III bought the asset in April for $2.1 million through a substitute trustees deed.
Previous owner Cordova Storage Investments LLC in San Diego defaulted on the $2.8 million loan earlier this year from UBS Real Estate Investments Inc. Cordova Storage Investments bought the property in 2007 for $3.6 million from Cordova Self Storage LLC.
The 2013 property appraisal from the Shelby County assessor is $2.4 million.
Sources:
- The Daily News: Dallas Company Buys Cordova Storage Facility
