NVDAILY.COM | Local News
Posted September 20, 2012 | 4 Comments
Former Johns Manville plant sold at auction
By Sally Voth - firstname.lastname@example.org
Details on the auction of the former Johns Manville manufacturing plant north of Edinburg remain vague.
Motley's Auction & Realty Group conducted the foreclosure sale on Aug. 23, said Pete Hastings, who works in corporate sales for the firm.
"It wasn't a bank-owned sale," he said this week. "It was a foreclosure sale. The property is now in the process of being closed upon by the buyer."
In online auction listings, the site is advertised as featuring nearly 330,000 square feet with easy access to Interstate 81, the Virginia Inland Port, Richmond, Washington, D.C. and the mid-Atlantic corridor.
Besides having an interior rail spur and two exterior ones, there is emergency generator backup, well water and a sewage treatment plant on the roughly 140-acre site, the listing states.
Hastings said the property sold for more than $2 million, with the buyer having 45 days to close the sale.
"Our hope is that the new buyer is going to [bring] some industry there to the area," he said. "It's a good building. It's got a lot of history."
Khalib Khatib, who said he also owns the former Shenville Creamery in northern Rockingham County, confirmed he and his partners are in the process of closing on the sale. Khatib, who owns a brokerage firm in Northern Virginia, said he'd be interested in talking about his purchase once the deal is done.
Five years ago, Denver-based Johns Manville shut down the plant, which manufactured commercial roofing systems, insulation and accessories. The plant had operated for 30 years.
Two years later, Kevin Moyer and Edinburg Investments LLC bought the property for $2.5 million with the intention of moving in Moyer's Luray business, Valley Wood Products Inc., which made sawdust for animal bedding. They had planned to expand into wood pellets and shavings.
The property was scheduled to be auctioned off last year, but Moyer avoided that when he filed Chapter 11 bankruptcy on behalf of Edinburg Investments.
On Monday, attorney Kent P. Woods, on behalf of Edinburg Investments, filed a motion asking that a confirmation hearing on a reorganization plan be postponed from Wednesday to Oct. 31. The motion asks that the hearing be after the foreclosure sale is scheduled to close on Oct. 15.