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The company also sold its stake in the Brooklyn Nets and the Barclays Center to Mikhail Prokhorov, [10] sold its military housing division to Hunt Companies for $208.8 million, [11] sold Terminal Tower to K&D Group for $38.5 million, [12] and sold 7.7 acres and 8 buildings in Cleveland to an investor group for $3.5 million.
The K & D Group, of Willoughby, Ohio, is an American major real-estate holder of numerous prominent office and residential properties in Northeast Ohio.K&D Properties was originally established as a partnership by Douglas E. Price, III and Karen M. Paganini in 1984.
The property owner in this case signs a property management agreement with the company, giving the latter the right to let it out to new tenants and collect rent. The owners don't usually even know who the tenants are. The property management company usually keeps 10-15% of the rent amount and shares the rest with the property owner.
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Cornerstone, started in 1985, will merge with the Knoxville-based SmartBank in a stock deal. Cleveland's Southern Heritage Bank was acquired in 2014 by First Citizens National Bank in Dyersburg, Tennessee, for $32.2 million. All these mergers only leave one Chattanooga-based, independent bank, First Volunteer Bank.
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