Gibson Brands Inc. on Dec. 27 officially sold its downtown Memphis, Tenn., property for $14.1 million, reported the Memphis Business Journal.

New York-based Somera Road Inc. and Miami-based Tricera Capital purchased the site. They are expected to redevelop the property and parking lot into an entertainment-focused development, stated Somera’s Ian Ross.

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In other Gibson news, the company sued Funko in California federal court, “arguing that it owns the trademark for the Les Paul guitar, including the use of its likeness in toys, and that the pop culture toy company didn’t seek permission for its wildly popular vinyl figures to hold Gibson-design guitars,” according to Law360.

The website added that the guitar maker accused Funko of making “repeated” unauthorized use of its trademarks for various components of the guitars in Funko’s toys.

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