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UMW Foundation buys Hostess property

RELATED: See more UMW news

The University of Mary Washington on Thursday finalized the purchase of the former Hostess property adjacent to Eagle Village, according to CEO Jeff Rountree. 

The property, located in the 1300 block of Powhatan Street, features nearly an acre of land and three usable buildings with a total of about 15,000 square feet.

Rountree said UMW will be able to use the property for storage, which is “an immediate need.”

“We also like the strategic location of this parcel as it relates to future development at Eagle Village,” he said.

Rountree said other uses for the building will become clear after university officials have time to thoroughly look at the space. Since the sale of the property was prompted by the bankruptcy of Hostess Brands, access to the buildings was limited to one 30-minute tour.

According to a university release, the foundation first negotiated with the court-appointed company Hilco LLC, which handled the liquidation of all Hostess properties.

In September, however, a judge awarded all Hostess properties to Hackman Capital, a Los Angeles-based investment fund. The Foundation finalized the sale with Hackman on Oct. 24.

“I am pleased that we are able to add this property to our holdings at Eagle Village,” said UMW President Richard V. Hurley in the release. “The property will provide much-needed storage space in the short-term. We also will begin reviewing other usage options.”

Rountree would not comment on how much the property cost.

Lindley Estes: 540/735-1976

lestes@freelancestar.com

 

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