desperate
The building and 16 acres at 1101 Armory Drive, formerly occupied by Intergrated Plastics, is up for auction. The owner hopes to get $1 million. -- STEPHEN H. COWLES/TIDEWATER NEWS

Archived Story

Franklin manufacturing facility on auction block

Published 1:23pm Saturday, January 12, 2013

BY STEPHEN H. COWLES/CONTRIBUTING WRITER
Playback58@gmail.com

FRANKLIN—An empty manufacturing facility at 1101 Armory Drive in Franklin is going up for auction on Thursday, Feb. 14.

An online auction will be held 11 a.m. to 2 p.m. for the one-story, 156,000-square-foot building next to Walgreens on South College Drive. The owner hopes to get at least $1 million for the building and 16 acres, for which there is no minimum bid, according to AuctionAdvisors in New York City.

Betty Tarkington, real estate clerk for the Commissioner of Revenue in Franklin, said the building is assessed at $1 million. Records indicate it’s owned by 1101 Armory Drive LLC and the tax bill goes to David DiPalo of Norfolk.

City Treasurer Dinah Babb said nearly $11,000 in taxes is owed from 2011 and 2012.

The property is zoned as light industrial for manufacturing, said Community Development Director Donald Goodwin.

Built in 1954, it’s been the site of companies for paper, packaging, storage and boots. Most recently, Integrated Plastics was there from 2001 to mid-2012, said Amanda Jarrett, president and chief executive officer of the Franklin Southampton Economic Development Inc. The company made rubber trashcans, she said.

“It’s been difficult to show. There’ve been maintenance issues. The condition of the building has been a real hurdle,” said Jarrett.

“I see a real redevelopment opportunity,” she said, adding that the rail access is an asset.

AuctionAdvisors’ Joshua Olshin, a managing partner, and Jeremy Sandel, vice president, also see possibilities for the property.

The online venue is planned to get more notice.

“We’re hoping to attract more national attention,” said Olshin. “This might be a good way to get a more national player and open up possibilities in thinking about this space.”

Anyone interested in bidding must put up $25,000.

Olshin said the new owner would not have to pay the delinquent taxes.

“All financial obligations will be taken care of,” he said.

 

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