Ruh roh… 
http://www.loopnet.com/Listing/19375688/4800-US-Hwy-280-West-Opelika-AL/
Strapped for cash so they’re selling the land? Or maybe part of the split of the previous owner is that he held the land in his name with a lease to APR for the facility. If it was me, I would of had the land in a separate company and leased it to APR the whole time. Much better for taxes and revenue stream.
If APR owns the land and is selling it cause they’re strapped for cash that’s pretty interesting. If APR didn’t technically own the land then it’s not too surprising they’re selling the land while the lease still has a good term left.
Well since they fired almost all of the employees and are having everything made in China, they really don’t need this big place anymore.
Makes sense but definitely a huge kick in the teeth to their egos. They loved bragging about that place (in the MOFN)
I think you guys are reading into that for sale thing too much…
If you read the page; it says that it has a tenant with 8 years remaining on their lease. So APR isn’t going anywhere from that location anytime soon. The company (H2 DEVELOPMENT LLC who is owned by Stephen Hooks) who owns the building and land simply wants to cash out and let someone else carry the loan… happens all the time in real estate where the buildings get subleased.
This is extremely common when a family owns a company and sells a chunk to an equity firm… Usually they’ll have a separate company they pay rent to (which is the case here) that can work as a nice payout as you can set your own rent…
I do find it interesting that the tax apprasial isn’t anywhere near the price they are asking, it’s only at 3.1.
Here’s the tax record for the building:
that asking price vs. appraisal disconnect shouldn’t be too surprising
- often the tax appraisals under-value real estate holdings
- often Stephen Hooks is overly optimistic about his assets and businesses
Sadly here in Auburn they’re usually spot on or actually a little high… so will be interesting to see what he can get for it… The moral of the story I was getting at was more along the lines of the tenants lease still has 8 years on it for APR the company.
Did they kill him?