Editor’s note: A previous version of this story said Concrete Pipe & Products Co. was the seller of the property; the seller was Gordon Properties LLC.
A massive chunk of land in Richmond’s Southside has landed a new owner.
Illinois-based United Scrap Metal closed on an industrial site and surrounding land totaling 75 acres at 2900 Terminal Ave. for $3.3 million earlier this month.
According to its website, United Scrap Metal purchases and processes scrap metal materials.
Jason Hetherington of Colliers International represented the seller. Hetherington said United Scrap Metal began leasing the property in June of 2014, only three months after city records indicate the former owner, Gordon Properties LLC, purchased it.
“These guys (United Scrap Metal) came into town within a couple of months and were fortunate that the building just worked well with them; there were a lot of options with this,” Hetherington said.
A representative with United Scrap Metal did not return requests for comment by press time.
Only about 30 acres of the land have been developed. The property includes 10 buildings, city records indicate, the largest of which are about 30,000, 25,000 and 15,000 square feet.
The remaining 45 acres are largely forested, and Hetherington said does not provide many options for development.
“Much of it is not currently developed, and would be difficult to develop for the owner’s use right now because it’s across a creek,” he said. “They have the ability to clear a little more, but not a whole lot.”
The former owner wasn’t necessarily looking to sell, Hetherington said, and the deal was unexpected. Gordon Properties LLC purchased the land for $1.55 million in 2014, according to city records.
Hanson Pipes & Precast had formerly occupied the space.
United Scrap Metal was founded in 1978. This is the company’s third location, with the others in Cicero, Illinois, and Philadelphia.