MEMPHIS, Tenn. - TruGreen LP, the lawn-care services business formerly under the umbrella of the Memphis-based ServiceMaster Co., has purchased a 73,144-square-foot mixed-use office building at 3839 Forest Hill-Irene Road from ServiceMaster Acceptance Corp. for $2.1 million, reports the Memphis Daily News
TruGreen bought the property in a limited warranty deed signed on Dec. 23, though the document wasn't recorded by the Shelby County Register of Deeds until last week, the newspaper reports.
Built in 1997, the Class B office facility is on 9.5 acres on the southwest corner of Forest Hill-Irene and Crestwyn Hills Drive. The Shelby County Assessor of Property's 2013 appraisal is $6.2 million.
ServiceMaster in November announced plans to spin off TruGreen after several years of struggling to find a successful business model for the brand. The plan had been to complete the transaction by the end of 2013, but a Dec. 31 filing with the U.S. Securities and Exchange Commission stated the spin-off had been "temporarily delayed."
An SEC filing a couple of weeks later stated the separation was completed Jan. 14.