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Robert Powell, III// May 31, 2013//
A nearly 54,000-square-foot building in Lynchburg has been sold to a developer who plans to convert it into loft-style apartments.
The commercial real estate firm Cushman & Wakefield | Thalhimer said that the free-standing building at 1220 Commerce St. has been sold for $530,000. The seller is Estate Specialists Inc., and the buyer is 1220 Commerce LLC.
The real estate firm said the buyer plans to turn the 53,686-square-foot property into about 50 loft-style apartments with a restaurant overlooking Lynchburg’s Riverfront Park on Jefferson Street.
This is the buyer’s third downtown Lynchburg property purchased with plans for converting the buildings into mixed-used developments. The conversion of one of the three, Cliff Lofts, has been completed.
The 1220 Commerce St. and a second Commerce Street property are slated to be renovated in the near future, the real estate firm said in a statement.
George Lupton and Norman Moon of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.
