FIRST EXCHANGE PROPERTIES IN COUNTY SOLD AT AUCTION

Two parcels of property in Cape Girardeau County were among those sold during a Resolution Trust Corporation sale at Kansas City Monday.

Properties sold at the auction included a truck stop-convenience store at 14840 Highway 177 and two 216,400-square-foot corrugated metal warehouse buildings at 14916 State Highway 177, both north of Cape Girardeau.

Both properties sold well above minimum bid requirements.

The warehouses, which required a minimum bid of $700,000, were bid at $2.3 million. The truck stop-convenience store, requiring a minimum bid of $55,000, received a bid of $220,000.

Sheldon Good & Co. of Kansas City and the RTC conducted the auction for the Federal Deposit Insurance Corp. as efforts continue toward a final disposition of the First Exchange Corp. A number of other properties financed by the now defunct bank-holding company, which owned banking operations in Cape Girardeau, Jackson, Fredericktown and St. Louis, were auctioned.

The five subsidiary banks owned by First Exchange closed more than three years ago. The state commissioner of finance ordered all the banks closed and liquidated May 7, 1992.

New owners of the Cape Girardeau County property won't be announced, however, until the transactions are complete," said Michelle Stevens of Sheldon Good & Company. "This usually takes about 45 days.

The 6,010-square-foot truck stop-convenience store was built in 1987 by Lenertz's Trucking Co. of St. Paul,. Minn. The business operated under the name of Your Store and featured grocery items, a deli, restaurant and truck stop. Now closed, it included showers and changing rooms for truckers, a built-in cooler, six fuel tanks and two canopies.

When first advertised by the RTC, the warehouse property listed only one warehouse.

"The government added the second warehouse later," said Stevens.

The warehouses, both identical is size, at 216,000 square feet, were constructed in late 1986 and early 1987.

Fred Lenertz of Lenertz Trucking Co. used the buildings as public warehouses. It is adjacent to the Lenertz Trucking Co. terminal and was financed by Jackson Exchange Bank.