One of the earliest redevelopments in the ongoing revival of Manchester has a new owner.
The Corrugated Box building at 201 W. Seventh St. was acquired last week for $4.25 million.
The buyer in the Oct. 3 deal was Corrugated Box LLC, according to city records. The seller was Corrugated Partners LLC, a partnership between some of the building’s tenants.
The 41,000-square-foot commercial property, which sits on about an acre, most recently was assessed at $3.31 million, according to city records.
Current tenants include Tumblr, 3North Architects, Maxx Potential, Best Response Strategies, Circle S Studio, Prologue Systems and Camden’s Dogtown Market.
CBRE brokers Will Bradley and Alan Vaughan represented the sellers in the deal. Thalhimer’s Jason Guillot represented the buyer. Neither side would say who is behind the Corrugated Box LLC. State records lead only to an attorney that represented the purchaser.
The building is 92 percent occupied, and has 3,000 square feet available for lease.
First constructed in 1900, the Corrugated Box building was part of Old Manchester’s industrial complex, which included Reynolds South, along the river.
As industrial users closed or moved operations to other parts of the region, the Corrugated Box building sat vacant for decades, until 2005, when the property was redeveloped into office space.
The Corrugated Box deal adds to a bevy of investment and activity rising in Manchester.
Two potential buyers – Genesis Properties and United Nations Church International – are in talks with bankruptcy trustees to purchase the Richmond Christian Center real estate portfolio, which totals 16 parcels, most notably its main sanctuary at 214 Cowardin Ave.
Two adjacent parcels overlooking the James River at 401 and 421 W. Seventh St. are listed for sale, and the former Church’s Chicken location at 9 Jefferson Davis Highway is under contract for purchase.
Guy Blundon, owner of CMB Development, and Mark Purcell, owner of Purcell Construction, are building a 10-story, 213-unit apartment building at 505 Porter St.
And Richmond-based Fountainhead Properties, which owns 111 Hull St., has said it wants to construct a pair of 16-story towers on a quasi-island just west of the Mayo Bridge and alongside the James River flood wall.