Associated Asphalt purchased the building at 130 Church Avenue in downtown Roanoke through Waldvogel Commercial Properties, Waldvogel announced in a press release.
Aventine Associates, LLC owned the building on Church Avenue and leased it to contracting firm J.M. Turner, Inc. before the contractors’ merger with
Blueridge Blueprint Construction Services Inc. in April.
“Turner no longer needed to occupy the building,” said Michael Waldvogel, founder of Waldvogel Commercial Properties. “They were still in the building when the property was being marketed, and some of their folks will remain for a few weeks.”
J.M. Turner’s lingering employees are due in part to the building’s quick sale. The property at 130 Church Avenue was only on the market for 19 days before AA Properties – Church Avenue, LLC purchased the building for $1.1 million. Waldvogel said he was impressed by the building’s quick turn-around after less than three weeks on the market.
“It’s a very nice building in a great location in the downtown market, but most buildings don’t sell in that period of time,” he said. “It fits the needs of Associated Asphalt very closely. It was the right size. It was available at the right time.”
The two-story building stands at more than 9,000 square feet. It was first built in 1949 and later renovated in 1993. Associated Asphalt will use the building as office space. It will continue to operate out of its headquarters on Roanoke Avenue, said Waldvogel.
“As they have continued to grow, they’ve needed more space. They’ll relocate some of their business functions, but they will continue to operate out of [the Roanoke Avenue building],” he said.
Associated Asphalt is headquartered in Roanoke and operates in West Virginia, Virginia, North Carolina, South Carolina, Georgia and Florida, according to the company website. It was founded as Fuel Oil & Equipment Company, Inc. in 1948 and currently employs more than 130 workers.