A chapter closes at Deep Run

A Western Henrico office building that was once home to Circuit City is now in the hands of local owners.

Diversified Realty Ventures and Markel/Eagle joined forces to purchase Deep Run III for $12.4 million. The 382,570-square-foot building at 9954 Mayland Drive is vacant and will be renovated.

The deal closed Wednesday.

The building is the second of the two Circuit City buildings to be bought by a local ownership group. The first, Deep Run I, was purchased last year by developer Pruitt Associates. Locally based travel insurance company Mondial Assistance leased most of the building.

Both buildings were owned by out-of-town REITs that defaulted after Circuit City went bust.

BizSense first reported that DRV had a contract to buy the property in September.

DRV and Markel/Eagle were represented by Mark Douglas of Cushman & Wakefield | Thalhimer in the purchase. Douglas is also the leasing agent for the property.

Douglas said he is currently negotiating with several potential tenants, and said it will likely take multiple tenants to fully occupy the building.

“There only but so many big tenants like Mondial to come along,” Douglas said.

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