Jim Reed Automotive, LLC, a former automotive dealership in downtown Nashville, entered a complex sales transaction regarding a prime real estate parcel in downtown Nashville, TN worth approximately $82 million, but prior to closing, a current tenant of the parcel claimed to have exercised a right of first refusal with respect to a portion or all of the property. The tenant filed suit and a lien lis pendens, preventing closing.
Waller, representing Jim Reed Automotive, successfully enforced a contested arbitration clause, and then litigated with the tenant in an arbitration proceeding. Subsequently, the buyer also filed suit against our client and attempted to obtain a preliminary injunction, which Waller defeated. The parties have since resolved the disputes and the sale has closed.
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