Property

Former Fauquier Financial institution downtown property on the market

Photograph/Business Actual Property Companies Inc.

The headquarters department (left) and Wealth Administration Constructing stand on 1.6 acres with 89 parking areas.

Essentially the most outstanding business actual property in Previous City Warrenton has gone in the marketplace.

Charlottesville-based Virginia Nationwide Financial institution needs $7.5 million for The Fauquier Financial institution’s former headquarters/essential department and adjoining Wealth Administration constructing.

The 2 buildings — totaling 36,000 sq. toes — and 89 parking areas cowl 1.6 acres with frontage on Alexandria Pike and Diagonal, Waterloo and Winchester streets.

For tax functions, the county assesses the property, composed of 4 parcels, at $6.73 million.

“I don’t assume there’s something much like it,” mentioned Warrenton dealer Invoice Chipman, whose Business Actual Property Companies Inc. (CRES) listed the property on the market Wednesday, Oct. 13. “It’s type of the nook of Primary Avenue and Primary Avenue.”

The “Courthouse Sq.” property lies throughout the intersection from Fauquier’s historic 1890 courthouse.

Finishing its acquisition of TFB in a “merger of equals,” Virginia Nationwide in April consolidated headquarters operations at its essential constructing in Charlottesville.

The financial institution continues to function a department at Courthouse Sq., however a lot of TFB’s contact with banking clients already had shifted to the two-story brick construction it inbuilt 2009 at 87 W. Lee Freeway.

“I believe the primary pure purchaser can be the county; we’ll see the place that goes,” Mr. Chipman mentioned of the downtown property.

County officers, together with board of supervisors members, have toured the property, however all of them refused to remark.

“The opposite can be somebody from exterior the world who sees the chance,” Mr. Chipman instructed. “I don’t know who the customer will likely be, however my intestine tells me it will likely be somebody from exterior the world.”

With Central Enterprise District zoning, the property has a wide range of potential makes use of — together with workplace, residential, retail and restaurant, he mentioned.

VNB officers failed to reply to cellphone calls and emails searching for remark for this story.

The Fauquier Financial institution opened its Courthouse Sq. headquarters on July 26, 1971.

VNB has but to alter the indicators on the 11 former TFB branches in Fauquier and Prince William.

However, if the Charlottesville financial institution closes the Previous City department, it might finish a downtown operation that dates to 1902.

The Fauquier Financial institution began March 7 that yr in rented house at 7 Culpeper St. with $25,000 in native capital.

On Sept. 23, 1925, it opened the constructing at Resort and Courtroom streets — constructed at a price of $69,850.

The financial institution and the late Edward L. Stephenson donated that constructing, then valued at $150,000, to the City of Warrenton on April 10, 1973. City Corridor remained there till final yr, when Warrenton’s authorities moved to the previous BB&T constructing at 21 Primary St.

The Fauquier Financial institution opened the four-story, 16,100-square-foot Wealth Administration Constructing, a $2-million challenge, in September 1988.

The three-level essential constructing totals 19,900 sq. toes.

Each buildings have undergone current renovations, Mr. Chipman mentioned.

Contact Editor “Lou” Emerson at .(JavaScript have to be enabled to view this e-mail tackle) or 540-270-1845.

Related posts

St. Paul Metropolis Council approves 6.9% most property tax levy

admin

Kiwi Property provides tenants ‘below important stress’ $7.4m in lease reduction

admin

Land belief to take care of, protect Jordan Street property

admin

Leave a Comment