About 680,000 square feet of industrial and warehouse property owned by Keck Realty and Warehouses will be auctioned next month.
The properties include a warehouse on Overbrook Road near the Diamond and the old Best Products distribution warehouse in Ashland.
Chuck Keck, head of Keck Realty, could not be reached for comment by press time.
Tranzon Fox is handling the auctions, which will be Nov. 2. The properties up for auction include:
Bill Londrey, a senior Tranzon executive, said Keck is working with an out-of-state, non-bank lender to unload the properties and free up capital.
“They need to create some liquidity, so they and we are working collaboratively to sell some stuff they don’t have to have,” Londrey said, which should “create some flexibility for future business deals.”
Londrey said one of the properties, 1650 Overbrook Road near the Todd Lofts and Southern Stove Works, might be suitable for a tax-credit apartment conversion.
A source with knowledge of Keck’s holdings, who would not go on the record for professional reasons, said the developer’s portfolio is made up of nine properties consisting of 1.67 million square feet of industrial space on 105 acres.
Scott Douglas, a broker with Cushman & Wakefield | Thalhimer who handles warehouse and industrial properties, said the market for industrial warehouse space remains soft.
“It’s a thin market,” Douglas said. “We have a few people around kicking the tires, but you get the impression that they are looking in a few different markets. You may hear from them in six months, or you may never hear back from them.
“Rents are certainly less than they were five years ago. It’s definitely advantage tenant right now.”
According to a recent report from commercial real estate firm CBRE, the vacancy rate for industrial property in the Richmond area is about 10 percent. Thalhimer’s market report has the vacancy rate at 10.5 percent.
View Keck Foreclosures in a larger map