December 17, 2014
Memphis Business Journal – Memphis, TN
By: Ryan Poe
Real estate giant In-Rel Properties Inc., owner of Clark Tower, has sold two of its five office buildings in Memphis for $16.7 million.
Mount Kellett Capital Management LP, a New York-based investment firm, bought the 130,000-square-foot Poplar Towers at 6263 Poplar Ave. for nearly $8.7 million, and the 140,000-square-foot Lipscomb & Pitts Building at 2670 Union Ave. for nearly $8.1 million, according to public deed transaction records.
In-Rel continues to own Clark Tower at 5100 Poplar Ave., the 2400 Poplar Building, and Lynnfield Office Park at 1355 Lynnfield Road.
As I reported Dec. 8, In-Rel is going through major changes now, including the sale of many of its properties to a private equity firm. As part of that change, In-Rel has transferred Clark Tower’s management to Morning Calm Management LLC, which was formed by former In-Rel CEO Mukang Cho.
http://www.bizjournals.com/memphis/news/2014/12/17/two-in-rel-properties-change-hands.html