Cathy Dyson writes about King George County. You can email her at firstname.lastname@example.org.
Concrete business to be auctioned today
Peter Hastings with Motley’s Auction & Realty Group in Richmond said there’s been a “fairly decent amount of interest” in today’s auction of Mid-Atlantic Precast Concrete.
The auction begins at 2 p.m. at the company site, in the King George Industrial Park across from the King George Landfill.
Motley’s will sell the property in four tracts: the building and property; the production line; the mixing system; and the bridge crane.
The 71,422-square-foot building sits on 18 acres and has access to public water, sewer and gas. Mid-Atlantic opened the building in October 2009 amid considerable fanfare, then went out of business in January 2012.
When Mid-Atlantic opened, it was the only company manufacturing precast concrete walls that opened on the East Coast that year.
Problems soon followed. The same day the company opened, officials found out one project the business was bidding on went to another competitor and a second project was put on hold because of the economy. Mid-Atlantic, which employed 20 people, had to lay off workers as soon as it opened to stay in business. The company didn’t specify how many workers lost jobs or other reductions that were made.
Mid-Atlantic produced hollow-core wall panels that are used in hotels, dormitories and apartment buildings. Motley’s reached out to similar businesses in the United States and beyond for the auction, Hastings said. He added there was interest from businesses in Mexico and 13 different states.
The land is assessed at $454,500, and the building at $1.89 million, said Nicole Thompson, the county’s economic development director.
Read about the results of today’s auction later on this blog and in The Free Lance–Star.