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Out-of-town buyer snatches up foreclosed Shockoe apartment building

Posted at 10:15 AM, Jan 17, 2017
and last updated 2017-01-17 10:15:21-05

RICHMOND, Va. — A downtown apartment and restaurant building that fell into foreclosure last summer has been snatched up by an out-of-town buyer.

The Shockoe-Cary Building at 19-21 S. 13th St., which sits at the corner of East Cary Street, was purchased last month for $2.3 million by Northern Virginia-based 1877 Ventures LLC.

Catharine Spangler, a broker with Cushman & Wakefield | Thalhimer worked the sale, which was the result of an auction initiated by Torchlight Investors, a special servicer that handled the property for the lender that foreclosed on the property in June. Bidding in the auction ended in November. Spangler would not discuss how many bids were received.

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