Turning Basin Building foreclosed

Image from LoopNet

From Richmond we learn that the 96,000-square-foot Turning Basin Building at 111 Virginia St. was foreclosed on last Tuesday. The building was formerly the headquarters of First Market Bank.

According to the commercial real estate tracking firm Trepp, the Turning Basin LLC owed about $15 million on a $16.1 million commercially backed, non-recourse loan. City records show an assessed value of 15.1 million.

The Turning Basin LLC stopped making payments in August, according to a Trepp report.

Base rent in the building was listed at $18.50 per square foot. A flyer for the building while it was listed with CBRE said the building had 36,200 square feet of vacant space.


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