| FDIC OWNED WAREHOUSES NORTH OF CAPE GIRARDEAU
SOLD TO LIPPS
May, 1996
The Federal Deposit Insurance Corp. has accepted the latest
offer of $2.6 million by Cape Girardeau businessman Jerry Lipps for two giant warehouse
buildings north of Cape Girardeau.
At an October auction, the FDIC rejected Lipps' $2.3
million offer for the two 216,000 square foot buildings that formally served as Indian
Creek Warehouses. They are near the Proctor & Gamble Paper Products Co. plant.
The sale price of the property was announced Monday by
Nancy Champagne of the Chicago FDIC office.
The property at 14916 State highway 177 includes the two
corrugated metal buildings. They were for sale as part of the final disposition of First
Exchange Corp., a defunct bank-holding company that owned banking operations in Cape
Girardeau, Jackson, Fredericktown and St. Louis.
Lips had purchased a 6,000 square-foot service station and
convenience store near the same place along Highway 177 at the FDIC auction last year.
Lipps had been leasing the 435,000 square foot warehouse
facilities, which are on a 30 acre tract, since the first of the year. Negotiations for
the sale were finalized Friday.
Tom Kelsey, local commercial broker with Lorimont Place
Ltd., Cape Girardeau, together with Dan Hyman, president of Brokerage Services with Benj.
E. Sherman & Sons of Chicago, represented the FDIC in the transaction. Ivan Irvin of
Century 21 Key Realty of Cape Girardeau represented the buyer in the sale.
Kelsey said that several local and outstate prospects
inspected the property over the past several months. The asking price of the property had
been $3,135,000.
The warehouses, identical in size, were constructed in late
1986 and early 1987. More than 10 acres are under roof.
Lipps has been operating the facility as a public warehouse
with various local and national manufacturing tenants. Lipps also operates a trucking
company that sends a lot of trucks into the P&G plant every week.
The service station and convenience store were built in
1987, and were previously operated as Your Store, featuring grocery items, a deli,
restaurant and truck stop. The operation included showers and changing rooms for truckers,
a built in cooler and six fuel tanks.
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