Archives

Business Insider

Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.

Share
RSS feed of this blog

Owner of Spotsylvania industrial property files for bankruptcy

The owner of an industrial property on Shannon Drive in Spotsylvania County filed for bankruptcy protection last week, three days before a scheduled foreclosure auction.

Sullivan, Keating & Johnson LLC — which owns the property at 11700 Shannon Drive known formerly as the Motion Control building — filed for chapter 11 bankruptcy Dec. 27.

A Dec. 30 foreclosure auction had been scheduled on the property, which includes about 19.5 acres and a roughly 88,000-square-foot building. Filing for bankruptcy is a frequent strategy used to postpone such auctions.

The owners of the LLC — Debbie Sullivan, George Keating and Jack Johnson — are in a lawsuit with property lender BB&T and have declined to discuss details.

The LLC owners are also the principals of Creative Dimension Group, which makes cabinets, exhibit displays, millwork, woodwork and other products for museums and commercial clients.

CDG leases the Shannon Drive facility and has no plans to close.

Sullivan, Keating and Johnson are interested in finding another tenant to share the Shannon Drive space, or in selling the building and negotiating a lease for CDG with the new owners.

Permalink: http://news.fredericksburg.com/businessbrowser/2014/01/03/owner-of-spotsylvania-industrial-property-files-for-bankruptcy/

*/