The University of Mary Washington Foundation has purchased the former Hostess Brands property located in the 1300 block of Powhatan Street. The property is located adjacent to the Foundation’s Eagle Village mixed-use development and is across U.S. 1 from the university’s main campus.
“With nearly an acre of land and three useable buildings containing nearly 15,000 square feet of space, this property will accommodate University users immediately,” said Jeff Rountree, CEO of the UMW Foundation. “We also like the strategic location of this parcel as it relates to future development at Eagle Village.”
The Foundation initially negotiated with the court-appointed company Hilco, LLC, which handled the liquidation of all Hostess properties nationwide. In September, a judge awarded all Hostess properties to Hackman Capital, a Los Angeles-based investment fund. At that time, the Foundation, and other University officials began negotiations with Hackman Capital. The sale was finalized on October 24.
“I am pleased that we are able to add this property to our holdings at Eagle Village,” said President Richard V. Hurley. “The property will provide much-needed storage space in the short-term. We also will begin reviewing other usage options.”