Monument Cos. buy historic properties in Suffolk
The Monument Cos., based in Richmond, has purchased for $750,000 several historic buildings in downtown Suffolk that it plans to convert into apartments.
According to Commonwealth Commercial Partners LLC, whose lender services subsidiary facilitated the sale, the properties include the former Bunny’s Pawn Shop on West Washington Street and the neighboring vacant and dilapidated buildings between Bunny’s and the Salvation Army store at the end of the street.
The Monument Cos., which has converted many Richmond properties into condominiums, plans a historic renovation and conversion to apartments.
The sale came about after circuit courts in Norfolk and Suffolk appointed StreamCo Property Resolutions LLC, another Commonwealth Commercial subsidiary, as receiver for these and more than 50 other properties in Norfolk and Suffolk. The firm sells property in the capacity of receiver, which allows bank clients to resolve distressed real estate loans without taking title through foreclosure.
As a court-appointed receiver, StreamCo said it has sold property in Hampton Roads worth more than $5 million in the past year, including apartment buildings, single-family rental homes and various commercial properties.
Commonwealth Commercial Partners is headquartered in Henrico County and has an office in Virginia Beach.