Union Station, Putnam Commons sold
Glass Press also part of dealBy Sam Shawver, sshawver@mariettatimes.com
A year ago the Putnam Commons, Union Station and Glass Press properties in downtown Marietta, valued at more than $1.1 million, went on the auction block at a sheriff's foreclosure sale for a minimum bid of $740,000 - but there were no takers.
This week all three buildings were sold for $350,000 to a limited liability company headed by local physician Dr. Roger Anderson.
"These are large properties with incredible potential if developed properly," said Marietta Mayor Michael Mullen, who said he had talked with Anderson about the buildings earlier this year.
"Dr. Anderson has done great restoration work with other properties he has owned, and it's good to see a Washington County native is purchasing these buildings," Mullen added.
Anderson could not be reached for comment on Friday.
Glass Press Properties Ltd., in care of Warfield Realtors LLC of Parkersburg, officially purchased the buildings from former owner Glass Press Inc. on Friday, according to the property transfer entry at the Washington County Auditor's Office.
Bob Wright, owner of Warfield Realtors, was designated as receiver for the properties by RBS Citizens, NA, of Cleveland, who were plaintiffs in the foreclosure case.
The Glass Press, located at 217 Union St.; Union Station, at 206-212 Putnam St.; and Putnam Commons, at 117-121 Putnam St., all belonged to former Glass Press owner Dave Richardson, who closed the collectibles magazine business and took a position as senior pastor at a church in Oak Hill, W.Va., in the fall of 2006.
Although the buildings have been sold, Warfield Realtors will continue to manage the properties.
"(Glass Press Properties Ltd.) had been looking at the buildings for quite a while," Wright said. "The inside facilities are in good shape, and there are plans to spruce up the outside of the buildings."
There are currently seven tenants in Putnam Commons, three tenants in the Union Station building and one tenant in the Glass Press warehouse facility on the back side of the Union Station building.
"We have great tenants in all three buildings, and everyone has been patient with us as we sought to find a buyer for the property," Wright said. "And I think those people will be rewarded as new businesses come in."
Marietta resident Amy Gentry plans to open Amy Gentry Photography on the first floor of Putnam Commons before the end of January.
"I've been doing some individual and family portrait photography for about two years now, and decided to set up a studio here," she said.
"I was looking around for a location and came in here one day," Gentry said. "All the tenants seemed to be so nice."
In addition to the photography shop, Joe Brandjes, owner of Joe's Hotz N Brotz, said Friday that Salem Candles Gallery of Light, currently located across the street at 112 Putnam St., will be moving into Putnam Commons by the end of January.
In addition to Joe's Hotz N Brotz, other current Putnam Commons tenants include the Marietta/Washington County Convention and Visitors Bureau and the Marietta Community Foundation.
Tenants at Union Station include the Pioneer Hearing Aid Center, Bauer Vision Center and Juda's Hair Again.
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samy07
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12-22-09 9:25 AM
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The appraisal is a pie-in-the-sky number. Ultimately, the mortgage company will settle according to what it is still owed. And Dave Richardson will be responsible for the amount of money that is the difference between what the property was sold for and what he owes. Likely, though, he will discharge that in bankruptcy.
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hockeypuck
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12-21-09 8:03 PM
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No matter what anyone says, the property is worth what someone paid for it. A million in Marietta? yeh, sure.
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saintiaint
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12-20-09 7:33 PM
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rikrab after foreclosure a.k.a.lawyers payday and sheriff sale the mortgage holder is in essence the owner and do what they want (appraisals are for the foolish) the property was dead weight taxes keep going blight etc so they dump em probably sold for more like 50 000
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Darby1952
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12-20-09 12:41 PM
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you got it
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rikrab
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12-20-09 10:36 AM
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Therefore, it comes down to how long a mortgagee or a seller plans to sit on a property to either dilapidation or a cut your losses sale.
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Darby1952
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12-20-09 6:47 AM
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There is nothing fishy in this. There was a home beside mine that was foreclosed on 2 years ago. It went on the Sheriff's sale last year, after the mortgage company sat on it for a year. The sale did not generate a single bid. The house again sat on the market for another year until it was sold for way less that the 2/3 price at the sale. So this does not surprise me. A buyer dealt directly with the mortgage company and they sold it for the lower price. Nothing fishy about it, the buyer negogiated right, I guess... you snooze, you loose
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rikrab
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12-19-09 9:46 PM
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Is elite class or group membership necessary to purchase real estate in this manner? How do you get a sweetheart deal, just talk with the mayor? Are there any other “no takers” after auction property deals? Stay tuned… next month, the property at 167 Front Street.
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Sarek
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12-19-09 4:56 PM
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Does anyone wonder how an individual had the opportunity to purchase these buildings at such a low price when the appraisal was so high? Don't the banks, on foreclosed property, have to recoup at least 2/3 of the appraised price? The Sheriff's sale did not even generate any bids at the 2/3 price minimum but now we get notified that they were all sold at much, much less. Anything fishy here or just an astute group of investors? I'm sure, in other words, that bids would have been made at the Sheriff's sale if the lowest bid was starting around $300,000.
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smokehouse
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12-19-09 3:58 PM
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When they open the Armory to business they will take the Visitors and convention bureau with them and leave the commons. This is just hurting the private business people that is trying to make Marietta a better place to live. The mayor don't have a business plan for the Armory yet. He is joke in this city.
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smokehouse
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12-19-09 3:57 PM
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When they open the Armory to business they will take the Visitors and convention bureau with them and leave the commons. This is just hurting the private business people that is trying to make Marietta a better place to live. The mayor don't have a business plan for the Armory yet. He is joke in this city.
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scandalous
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12-19-09 3:37 PM
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There is tremendous traffic passing through downtown every weekday, so if there is a location someone could make money outside of Walmart, that would be a reasonable location. The issue is parking-- who wants to fight with trying to find a spot if you aren't near a parking lot, etc.? That being said, I see a lot more happening in our downtown than many other downtowns of towns our size and smaller. The brewery is a great example that the traffic is there, the customers are there, it just takes someone who can properly manage.
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Parrothead
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12-19-09 3:05 PM
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"Rampant urban blight will appear the next decade"????? Have you been downtown lately and looked at or counted the empty store fronts NOW?!?!?!
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Parrothead
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12-19-09 12:46 PM
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Thank You for saying that TXBuckeye. The locals keep burying their heads in the sand and refusing to acknowledge the truth.
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TXBuckeye
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12-19-09 12:40 PM
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What is sad is that one can buy that much square footage in downtown Marietta for so little money. That really speaks to the lack of a healthy economy.
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hockeypuck
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12-19-09 11:28 AM
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Just goes to show how ridiculous many appraisals are. 1.1 Million, sure. Uh, no, more like $350,000. Wonder why the mortgage mess happened?
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