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Posted February 20, 2013 | Leave a comment
Toms Brook industrial site sold
By Sally Voth
A roughly 225-acre industrially zoned property in Toms Brook has been sold for $2.7 million.
The property's sale comes as a loss totaling about $2 million.
Gordon Greene, Chartwell Group LLC/Chartwell Auctions senior auction manager and principal, said the property transferred at the end of January. Shenandoah County Courthouse records list the buyer as 7K Investments, based in Washington D.C.
Greene attempted to sell the site located at the southeast corner of Interstate 81 and Mt. Olive Road in September, but after some review, it was determined the three separate tracts couldn't be sold piecemeal, and the sellers decided to move it to a private negotiated sale.
The minimum bid at auction was set for $2.5 million.
Toms Brook Land and Improvement Co. LLC, composed of Strasburg attorney Doug Arthur; Doug Boyd of Sunlight Properties; Bob Borden, who had a home in Strasburg; and late developer Chuck Maddox bought the site in 2005 for $4.75 million, according to a deed recorded in the Shenandoah County Courthouse.
The land had been subject to controversy over the years. Maddox presented a development proposal that would have added 300 houses, plus industry and commercial operations.
After then-Economic Development and Tourism Director Susie Hill marketed the site to Recreational Equipment Inc. as an apt location for a distribution center, some opponents called it a conflict of interest since Maddox was on the Shenandoah County Economic Development Committee.
The site also had been mentioned as a possible location for a regional jail.
On Tuesday, Greene said he wasn't authorized by the buyer or sellers to talk in-depth about plans for the property.
"My belief is it's a long-term land investment with no plans for any immediate development," he said. "I think the parties believe that three, four, five years down the road, as growth comes, that will be a worthwhile location. But right now, it was just a pure investment of money for a long-term hold."
A deed of release for a $5 million lien of the deed of trust associated with the property was recorded Jan. 14 in the courthouse.
Contact staff writer Sally Voth at 540-465-5137 ext. 164, or email@example.com
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