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Historic Mutual Building Auction in Richmond, VA
Bidding for Virginia’s first high-rise office building to start at $800,000

RICHMOND, Va. – March 10, 2014 – Auction.com, LLC, the nation’s leading online real estate marketplace, in conjunction with Cushman & Wakefield | Thalhimer, is conducting a three-day online auction beginning today of the historic Mutual Building, located on 909 E Main St. in Richmond, Va.

As one of Richmond’s first high-rise office buildings, the 12-story, 132,434-square-foot property is eligible for state and federal historic tax credits presenting an unparalleled value-add development opportunity in Richmond’s central business district. The starting bid is $800,000.

“In addition to The Mutual Building’s central location and flexible interior layout, the building offers an ideal opportunity for an investor looking to capitalize on the various repositioning options,” noted Eric Paulsen, executive vice president and general manager of commercial real estate for Auction.com. “We continue to see unique assets brought to the Auction.com platform, proving its effectiveness in selling a variety of asset types for fair market value.”

With views of both the James River and the state Capitol, the multi-tenant space provides 12 floors, with an additional lower level with ground floor access currently positioned for office use. The building’s frontage faces East Main Street next to the SunTrust Riverview Building, with its u-shaped courtyard opening to 9th Street into the Main Street Banking Historic district. An adjoining deck provides tenants with 161 parking spaces.

The online auction began today at 1 p.m. EDT and will run for three days, concluding at 1 p.m. EDT on Wednesday, March 12.

The online auction is backed by Auction.com’s extensive marketing program and leading online platform, which bring together sellers and qualified buyers through a highly transparent process. As a result, both sellers and potential buyers benefit from a timely sale that sets a fair market value for the home.

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