Cycle Systems Buys Virginia Can Company

Jonna McGraw (with paper) reads the particulars on the property as the sale begins.^

Auction caller Russell Seneff gets a response to up the bid.^

Bruce (left) and Neal Brenner find out from auctioneer Jonna McGraw of Woltz & Associates that they're the new owners of the Virginia Can Company.^

Story, Photos By DAN SMITH

Cycle Systems, the largest private recycler in the region, is the new owner of the historic Virginia Can Company (later Heironimous Warehouse) buildings on Albemarle Ave. in Roanoke, paying more than $100,000 less than its assessed value of $377,000.

Brothers Bruce and Neal Brenner will pay $273,000 ($260,000 for the property, plus a five percent add-on) for the 50,000-square-foot building(s) and property located under an Interstate 581 bridge and in the flood plain. Design agency owner Katie Wallace, who owned the property, paying nearly $310,000 six years ago, had wanted to create an arts center there, but the economy killed her plans.

Bidding was slow and not enthusiastic, taking only about 10 minutes before Woltz & Associates auctioneer Jonna McGraw declared a winner.

Neal Brenner says Cycle Systems will move its warehouse operation from Walnut Avenue to the Can Company. Architect Mark MacConnell estimates it will require about $250,000 to shore up the buildings sufficiently to create warehouse spaces, but that "it will be a good use for the space."