Yes, the Regions Bank Building will be going to a Caddo sheriff sale on Wed., Oct. 29.
Yes, the Sheriff Sale will result in the ownership of the building changing hands.
Yes, the first mortgage holder will most likely be the new owner unless outbid at the sale by any third party, which is very unlikely.
And yes, any inferior mortgages, liens, judgement against the building will be wiped out by the sheriff sale. These will still be enforceable against the owner who lost title, but will not be clouds on the title of the sheriff sale owner.
Without a doubt this building is one of two downtown prime buildings. The other is the Beaird Tower. Both of these buildings are in prime locations—Regions Tower takes up the 300 block of Texas and Beaird Tower is on the corner of Edwards and Marshall across from Government Plaza.
Regions Bank Building, which includes the old CNB Tower on the corner of Texas and Edwards, has a high occupancy rate of almost 90%. Its building ledger tenant reflects high-end occupants with high dollar clientele. The parking lot to the building is also a very needed plus.
The new owner will add financial stability to this building which faced a SWEPCO utility cutoff in August of last year. It will also eliminate any anxiety for current tenants and those considering location to that building. Beth King, a top flight downtown realtor, will still be on the team as the listing agent. No doubt she will welcome a new fiscally responsible building owner.