The 329,000-square-foot building was developed by Billy Jefferson and Justin French, and formerly known as Tobacco Factory Lofts. (Michael Thompson)
A mixed-used Manchester building has hit the market about two weeks before some surrounding parcels are set to be auctioned off.
True North Management this week began looking for a buyer for the Lofts at Commerce Apartments at 700 Stockton St. and an adjacent 232-space parking lot. The New York-based firm has listed the combined 4.1-acre parcels without a set asking price.
The 329,000-square-foot building, developed by Billy Jefferson and Justin French and formerly known as Tobacco Factory Lofts, is home to 225 apartment units that are about 95 percent leased and a 10,000-square-foot vacant office or retail space on the ground floor.
True North bought the Manchester property in 2014 through foreclosure auction for $15.5 million. (Michael Thompson)
The apartment building was most recently assessed at $31.6 million, and the adjacent parking lot was assessed at $798,000, according to city records.
Charles Wentworth and Peyton Cox of CBRE | Richmond are handling the listing for the seller. They said that in the two years since True North has owned the Lofts at Commerce, the company has done renovations that include a paint job and new fitness center.
“They’ve helped reposition the property,” Cox said. “There’s still some meat on the bone for someone who wants to come in and take this to the next level.”
True North bought the Manchester property in 2014 through foreclosure auction for $15.5 million. The former Philip Morris property was converted into apartments by Jefferson and French, both of whom are now serving federal prison sentences for defrauding the historic tax credit system.
Wentworth pitched the Lofts at Commerce as a good investment for a buyer willing to do renovations on countertops and lighting, or go further with an upgrade in appliances. The apartments have an average unit size of 1,038 square feet and average rent of $846. He said it’s the only Richmond property True North owns.
In the blocks surrounding the Lofts at Commerce, seven small Jefferson-owned parcels are scheduled to be sold at auction Sept. 28. The properties consist of six parking lots and an undeveloped plot owned by Tabac LC, the same entity that previously owned the Tobacco Factory Lofts. The auction was ordered to take place by Richmond Circuit Court as a result of a lawsuit filed by True North Management.
The 329,000-square-foot building was developed by Billy Jefferson and Justin French, and formerly known as Tobacco Factory Lofts. (Michael Thompson)
A mixed-used Manchester building has hit the market about two weeks before some surrounding parcels are set to be auctioned off.
True North Management this week began looking for a buyer for the Lofts at Commerce Apartments at 700 Stockton St. and an adjacent 232-space parking lot. The New York-based firm has listed the combined 4.1-acre parcels without a set asking price.
The 329,000-square-foot building, developed by Billy Jefferson and Justin French and formerly known as Tobacco Factory Lofts, is home to 225 apartment units that are about 95 percent leased and a 10,000-square-foot vacant office or retail space on the ground floor.
True North bought the Manchester property in 2014 through foreclosure auction for $15.5 million. (Michael Thompson)
The apartment building was most recently assessed at $31.6 million, and the adjacent parking lot was assessed at $798,000, according to city records.
Charles Wentworth and Peyton Cox of CBRE | Richmond are handling the listing for the seller. They said that in the two years since True North has owned the Lofts at Commerce, the company has done renovations that include a paint job and new fitness center.
“They’ve helped reposition the property,” Cox said. “There’s still some meat on the bone for someone who wants to come in and take this to the next level.”
True North bought the Manchester property in 2014 through foreclosure auction for $15.5 million. The former Philip Morris property was converted into apartments by Jefferson and French, both of whom are now serving federal prison sentences for defrauding the historic tax credit system.
Wentworth pitched the Lofts at Commerce as a good investment for a buyer willing to do renovations on countertops and lighting, or go further with an upgrade in appliances. The apartments have an average unit size of 1,038 square feet and average rent of $846. He said it’s the only Richmond property True North owns.
In the blocks surrounding the Lofts at Commerce, seven small Jefferson-owned parcels are scheduled to be sold at auction Sept. 28. The properties consist of six parking lots and an undeveloped plot owned by Tabac LC, the same entity that previously owned the Tobacco Factory Lofts. The auction was ordered to take place by Richmond Circuit Court as a result of a lawsuit filed by True North Management.