A Chattanooga Realtor is out in front in a move to take possession of the Cleveland Speedway, possibly as early as Thursday morning.
But, just as there have been surprise finishes on the iconic track there could be one in the courtroom.
According to documents filed with the U.S. Bankruptcy Court in Chattanooga, a real estate purchase agreement between the Speedway’s bankruptcy trustee, Jerrold D. Farinash, and Marcus D. Lyons of Real Estate Partners in Chattanooga was signed on Nov. 15 by Lyons.
The trustee does not affix a signature to such a document until and unless the sale is approved by the court.
The document is a legal way of affirming the terms of the sale, should they be accepted by the court.
Under the proposed sale agreement, Lyons would pay a total of $1.1 million which includes assumption of the first mortgage owed to Gladys Johnson in the amount of $550,000 and the balance paid in either cash, cashier’s check or by wire transfer.
A hearing was scheduled for Dec. 12, but was delayed until Thursday at 10 a.m.
Farinash said the delay was to give him time to “determine the level of interest of other bidders.”
Those other bidders could potentially supercede Lyons’ offer and win the right to purchase, or a bidding war could erupt between the other interested parties.
Should the bankruptcy judge approve the sale, Lyons would have 10 days to close on the sale.
Attempts to contact Lyons about the sale and what his plans might be for the property were unsuccessful.
Lyons is president of the Lyons Group Inc. which has dealt with multifamily and commercial real estate in Tennessee for the past three years.
The company’s website says he was an affiliate broker from 2008 until 2012, and founded an apartment placement company called “Scenic City Rentals” which focuses on securing qualified tenants for residential and multifamily investment property.
Lyons is a native of Chattanooga and attended the University of Tennessee at Chattanooga, where he received a bachelor’s degree in accounting.
He also acts as co-founder and CEO of BlueStar Properties, a real estate asset management company that currently serves Tennessee and its neighboring states.
His company bills itself as one of the industry’s leaders in urban living in Chattanooga.
Two of the firm’s major Chattanooga urban projects are Bridgeview on Chattanooga’s North Shore and Museum Bluffs, which houses both apartments and businesses.