In a story about small investors getting clobbered in the commercial real estate market, The Wall Street Journal leads with the example of 1023 Cherry Road, the glass-and-steel buildings, nestled in the woods next door to the Dixon Gallery & Gardens, that used to house Holiday Inn and Harrah's Entertainment offices. A consortium of 27 small investors lost their $7 million investment after they were unable to refinance a $14 million loan on the property. The WSJ says, "Cherry Road's collapse is an ominous sign for thousands of other
commercial real-estate deals in which mom-and-pop investors pooled
their money to get a tiny piece of the action." After that, you'll need a subscription to read on.
Here are a couple of stories we ran last year in The Commercial Appeal about the property: here and here.
Here are a couple of stories we ran last year in The Commercial Appeal about the property: here and here.
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