The 58,000-square-foot building went back to its lender in a foreclosure auction Friday. Photo by Katie Demeria.
After a stint on the auction block, a Henrico County office building is again on the market.
The 58,000-square-foot building at 2807 N. Parham Road was purchased by its lender, RVA Investments Inc., for $1.6 million after a foreclosure auction Friday.
Henry Briggs of RVA Investments said the company, which has an office in Scott’s Addition, plans to resell the property, preferably to an owner-occupant.
“That would be our first priority,” he said. “After that, we’d be looking at other alternative uses for the property.”
While one other interested bidder attended the auction, RVA Investments’ opening bid of $1.6 million was the only offer made.
Briggs said there are a few other interested buyers who may not have preferred the immediacy required of a foreclosure auction, in which a deal must close within 15 days. Briggs said others may be interested in the property with additional time to do due diligence.
“We’ve been pre-marketing the property leading up to the foreclosure with the assumption that we would be taking it back, which is what happened,” Briggs said. “So now we’re going to move to a group of investors and prospects who expressed interest in the property but would need to take a normal time to make the investment.”
The former owner, 2807 N Parham Road LLC, a Maryland entity, defaulted on a $3 million loan. It is unclear what corporation or individual is behind the LLC.
The three-story building is currently 100 percent vacant, Briggs said. It was constructed in 1975 and sits on 3.8 acres. 2807 N Parham Road LLC purchased it for $3.6 million in 2005. It was most recently valued in a county assessment at $1.6 million.
The original lender on the $3 million note was American Equity Investment Life Insurance Co., county records indicate.
The Kane, Jeffries & Carollo law firm acted as the substitute trustee in the foreclosure.
The 58,000-square-foot building went back to its lender in a foreclosure auction Friday. Photo by Katie Demeria.
After a stint on the auction block, a Henrico County office building is again on the market.
The 58,000-square-foot building at 2807 N. Parham Road was purchased by its lender, RVA Investments Inc., for $1.6 million after a foreclosure auction Friday.
Henry Briggs of RVA Investments said the company, which has an office in Scott’s Addition, plans to resell the property, preferably to an owner-occupant.
“That would be our first priority,” he said. “After that, we’d be looking at other alternative uses for the property.”
While one other interested bidder attended the auction, RVA Investments’ opening bid of $1.6 million was the only offer made.
Briggs said there are a few other interested buyers who may not have preferred the immediacy required of a foreclosure auction, in which a deal must close within 15 days. Briggs said others may be interested in the property with additional time to do due diligence.
“We’ve been pre-marketing the property leading up to the foreclosure with the assumption that we would be taking it back, which is what happened,” Briggs said. “So now we’re going to move to a group of investors and prospects who expressed interest in the property but would need to take a normal time to make the investment.”
The former owner, 2807 N Parham Road LLC, a Maryland entity, defaulted on a $3 million loan. It is unclear what corporation or individual is behind the LLC.
The three-story building is currently 100 percent vacant, Briggs said. It was constructed in 1975 and sits on 3.8 acres. 2807 N Parham Road LLC purchased it for $3.6 million in 2005. It was most recently valued in a county assessment at $1.6 million.
The original lender on the $3 million note was American Equity Investment Life Insurance Co., county records indicate.
The Kane, Jeffries & Carollo law firm acted as the substitute trustee in the foreclosure.