Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, February 2, 1995 TAG: 9502020029
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Short
The 160,000-square-foot office and operations facility near the Roanoke Regional Airport was sold by First Union Corp. of Virginia. Michael M. Waldvogel of Waldvogel, Poe & Cronk Real Estate Group Inc. negotiated the sale on behalf of First Union.
Abmar Valley Court is a limited partnership consisting of a trust and a related family corporation, according to Waldvogel. This is the partnership's first venture in Virginia. Family controlled entities own and operate other properties in Florida, New York, West Virginia and Vermont.
The property was developed in 1984 as an outlet mall. Dominion Bankshares Corp. acquired it from the Federal Deposit Insurance Corp.
Dominion used it for a short period as a mortgage processing center, but the center was relocated shortly after First Union acquired Dominion.
Space in Valley Court is leased to RPS Teleservice Center Inc., a subsidiary of the American Association of Retired Persons, whch occupies 47,000 square feet, and to the Roanoke School Board, which occupies more than 19,000 square feet.
Valley Court will continue to be offered for lease, according to Waldvogel, whose firm will act as exclusive leasing and management agent.
Waldvogel said leases are being negotiated with "several large prospective tenants."
by CNB