Six rental homes and 28 lots are up for auction today in Chesterfield County as part of a larger sale process. Photos courtesy of Motleys Asset Disposition Group.
About 150 properties in and around southern Chesterfield County are being auctioned off as part of a local real estate company’s bankruptcy reorganization.
The properties are owned by Roadrunner Enterprises, which filed for Chapter 11 bankruptcy protection in February after it was forced to shut down a valuable campground it operated on Jefferson Davis Highway.
Richmond-based Motleys Asset Disposition Group is wrapping up a sale of a portion of Roadrunner’s real estate, with the last remaining properties to be offered today.
The properties include income-producing rental houses, undeveloped lots and commercial retail buildings. Locations are primarily in Colonial Heights and Chester, as well as in Petersburg, Waverly, and Dinwiddie and Prince George counties.
Motleys President Mark Motley said about one-third of the properties had been sold as of Wednesday in the online auction, which started earlier this month.
“We’re helping reorganize (the company’s) asset portfolio,” Motley said.
He said Roadrunner “wants to focus on some of the assets that are primary to (its) core business.”
“A lot of times, businesses wait too long,” he said. “They’re taking a very proactive approach to liquidate some nonperforming assets where they can reorganize their core business and focus on returning to profitability.”
Motleys’ Chip Jones said the overall assessed value of all the properties up for auction is between $10 million and $12 million.
The properties are some, but not all, of the real estate owned by Roadrunner, according to documents filed in the bankruptcy case. A list of its real property filed in the case shows 98 properties, some consisting of multiple lots, valued collectively at $13.64 million.
The auction today also includes three lots in the Kennon Pointe neighborhood in Colonial Heights.
Add to that Roadrunner’s personal property assets, and the company’s total assets reach $13.76 million, compared to $9.44 million in debt claims from nine creditors.
The most valuable property listed among the assets – and not offered for sale as part of the auction – is the $1.5 million Roadrunner Campground, located in Chester at 13830-13902 Jefferson Davis Highway. Issues surrounding that property – building, health and utility violations – triggered the bankruptcy filing, said David Spiro, a Hirschler Fleischer attorney representing Roadrunner in the case.
“That took away a big source of the company income, and caused problems with other lenders,” Spiro said. “Chapter 11 has allowed Roadrunner to continue operating while also providing a framework to liquidate certain properties that it doesn’t need to keep long-term.”
Spiro, who is teaming with fellow Hirschler Fleischer attorney Rachel Greenleaf on the case, said Roadrunner is actively working with an engineer and Chesterfield County government to address the violations and reopen the campground. The property is located across Jefferson Davis Highway from Greenleigh Mobile Home Park, visible to motorists along Interstate 95.
“Hopefully, at the end of the day, Roadrunner will come out of this with the campground operating and some strong properties,” Spiro said. “They’re not auctioning everything off.”
While the auction has been held primarily online, two bid centers have been offered for bidders wanting to vie for the properties in person.
The properties to be auctioned today include 14 rental homes in Chesterfield and Petersburg, six rental homes and 28 lots in Chesterfield, and one home and seven developable lots in Colonial Heights.
They’ll be offered at a bid center at Byrd Hall on John Tyler Community College’s Chester Campus, located at 13101 Jefferson Davis Highway.
Jones said the center will be open from 1 p.m. to 4 p.m. He said he’s expecting anywhere between 25 and 50 bidders to participate.
Six rental homes and 28 lots are up for auction today in Chesterfield County as part of a larger sale process. Photos courtesy of Motleys Asset Disposition Group.
About 150 properties in and around southern Chesterfield County are being auctioned off as part of a local real estate company’s bankruptcy reorganization.
The properties are owned by Roadrunner Enterprises, which filed for Chapter 11 bankruptcy protection in February after it was forced to shut down a valuable campground it operated on Jefferson Davis Highway.
Richmond-based Motleys Asset Disposition Group is wrapping up a sale of a portion of Roadrunner’s real estate, with the last remaining properties to be offered today.
The properties include income-producing rental houses, undeveloped lots and commercial retail buildings. Locations are primarily in Colonial Heights and Chester, as well as in Petersburg, Waverly, and Dinwiddie and Prince George counties.
Motleys President Mark Motley said about one-third of the properties had been sold as of Wednesday in the online auction, which started earlier this month.
“We’re helping reorganize (the company’s) asset portfolio,” Motley said.
He said Roadrunner “wants to focus on some of the assets that are primary to (its) core business.”
“A lot of times, businesses wait too long,” he said. “They’re taking a very proactive approach to liquidate some nonperforming assets where they can reorganize their core business and focus on returning to profitability.”
Motleys’ Chip Jones said the overall assessed value of all the properties up for auction is between $10 million and $12 million.
The properties are some, but not all, of the real estate owned by Roadrunner, according to documents filed in the bankruptcy case. A list of its real property filed in the case shows 98 properties, some consisting of multiple lots, valued collectively at $13.64 million.
The auction today also includes three lots in the Kennon Pointe neighborhood in Colonial Heights.
Add to that Roadrunner’s personal property assets, and the company’s total assets reach $13.76 million, compared to $9.44 million in debt claims from nine creditors.
The most valuable property listed among the assets – and not offered for sale as part of the auction – is the $1.5 million Roadrunner Campground, located in Chester at 13830-13902 Jefferson Davis Highway. Issues surrounding that property – building, health and utility violations – triggered the bankruptcy filing, said David Spiro, a Hirschler Fleischer attorney representing Roadrunner in the case.
“That took away a big source of the company income, and caused problems with other lenders,” Spiro said. “Chapter 11 has allowed Roadrunner to continue operating while also providing a framework to liquidate certain properties that it doesn’t need to keep long-term.”
Spiro, who is teaming with fellow Hirschler Fleischer attorney Rachel Greenleaf on the case, said Roadrunner is actively working with an engineer and Chesterfield County government to address the violations and reopen the campground. The property is located across Jefferson Davis Highway from Greenleigh Mobile Home Park, visible to motorists along Interstate 95.
“Hopefully, at the end of the day, Roadrunner will come out of this with the campground operating and some strong properties,” Spiro said. “They’re not auctioning everything off.”
While the auction has been held primarily online, two bid centers have been offered for bidders wanting to vie for the properties in person.
The properties to be auctioned today include 14 rental homes in Chesterfield and Petersburg, six rental homes and 28 lots in Chesterfield, and one home and seven developable lots in Colonial Heights.
They’ll be offered at a bid center at Byrd Hall on John Tyler Community College’s Chester Campus, located at 13101 Jefferson Davis Highway.
Jones said the center will be open from 1 p.m. to 4 p.m. He said he’s expecting anywhere between 25 and 50 bidders to participate.