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Dils Center to be sold at auction

Photos by Brett Dunlap The Dils Center, 521 Market St., will be sold at auction 10 a.m. March 21 at that location by Fouss Real Estate Auctions LLC.

PARKERSBURG — The Dils Center will be sold at auction in March.

The downtown building, at 521 Market St., will be sold at auction 10 a.m. March 21 at that location by Fouss Real Estate Auctions LLC, according to a press release from the auction company.

Including the basement, the building is about 90,000 square feet of residential and commercial space with several current tenants in place. It also features an ongoing convention center with one of the largest spaces in the area being used for weddings, parties and other events, the press release states.

The building was purchased by Todd Stubbe in the fall of 2017.

His long-term vision was to create residential housing, office, retail and event space, thus creating a business hub for the area, according to the press release. Renovations, including completing the first apartment, conference area and office space, were in the process when Stubbe unexpectedly passed away last year.

Photos by Brett Dunlap The Dils Center, 521 Market St., will be sold at auction 10 a.m. March 21 at that location by Fouss Real Estate Auctions LLC.

Since then, Stubbe’s wife, Morgan, has carried on and has been successful in finding tenants and relaunching the site as a convention space. The building is breaking even and making a little money some months, she said. During this time, Morgan estimates they have completed around $100,000 in renovations.

However, she does not have the time to devote to the building, she said.

“I want to see someone take the foundation and dream Todd started and make it a reality,” she said in the press release. “My personal focus right now is being a mother to my son Ben.

“You’re not only getting a real estate investment, but also a profitable business featuring the largest convention space in the area,” she said.

It will be business as usual until the sale closes, she said.

The convention center and commercial space will remain available for rent and her tenants will be welcoming customers, Morgan said in the press release.

According to Rob Fouss of Fouss Real Estate Auctions LLC, Todd Stubbe gave him a tour of the building and detailed his plans shortly after he made the purchase.

“Todd had a solid business plan and was very excited about this project,” Fouss said in the press release. “Morgan has certainly kept things moving in the right direction, but she has a full plate as a single mother.

“By selling the building at auction, the process will be completed quickly, so a new owner can hit the ground running and the current progress can continue.”

Downtown PKB Executive Director Wendy Shriver said the Dils Center is an iconic structure located in the enter of downtown.

“There’s so many possibilities for that building; it’s just going to take a large investment,” she said. “It’s going to take the right person that believes in this same type of train of thought that Todd did and has the resources to do it.”

Shriver noted the structure is in the downtown opportunity zone where taxes on capital gains revenues used to invest can be deferred and there is no tax on capital gains on the new investment itself if it’s held for 10 years.

“That building would be a perfect, perfect development opportunity for someone,” she said.

Interested bidders will need to complete any desired inspections and arrange financing, if needed, prior to the auction, according to the press release.

A 10 percent deposit in cash or guaranteed funds must be made immediately following the bidding.

Private tours and inspections can be arranged by calling the auctioneer.

An “open house” has been scheduled March 17 from 11 a.m. to 2 p.m. Complete auction terms, pictures and details are available at foussauction.com under the upcoming events tab.

For more information, contact Rob Fouss at 304-483-5528 or foussauction@gmail.com

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