"Now, it's just an investment opportunity," said Steve Cain, proprietor of Action Tents of Tennessee, 569 West Church St., just across from his new building's loading dock, where a division of Coldwell Banker Barnes conducted the auction.
"I'm open to having a tenant," Cain said Saturday morning during a picnic at Henry Horton State Park, where he provided a tent for the Duck River Cleanup.
Cain's $200,000 bid was the highest heard during the auction, which took less than half an hour. There were only two apparent bidders for the property, sold by John Chunn and co-owner Blackmon Preston.
The property was owned by Chunn and Preston, who, according to a real estate property report, bought it for $275,000 in 1997.
While the property sold for less than the purchase price, Chunn said it generated more than the difference over time through rental payments, so it made money for the owners.
In recent months, Ace Bayou's Cat Craft products were assembled in a building near the loading dock. That business -- which has since moved that part of its operations to Lewisburg Industrial Park -- had an arrangement that could have led to a change of building ownership without the auction.
"If Cat Craft hadn't burned, they may have become the owners and operated there today," Chunn said after the auction.
...Pick up a copy of today's edition, Wednesday, July 2, 2008 for entire story and photos.