Cardinal Industries Building near BWI to be sold at auction

January 22, 1991|By Edward Gunts

The Cardinal Industries Building on Hammonds Ferry Road near Baltimore-Washington International Airport, a former center for modular home manufacturing that once had 300 employees, will be sold at an auction at noon Jan. 31 on the premises.

Michael Fox Auctioneers is handling the sale of the vacant, 242,000-square-foot building and about 35 surrounding acres, which are zoned for industrial use.

The auction comes more than a year after Ohio-based Cardinal Industries filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code.

Less than five years ago, Cardinal was a leader in modular home construction with five plants around the country and ambitious plans for expansion. But the industry was adversely affected by 1986 tax reforms, which made it difficult for investors to use modular homes manufactured by Cardinal as a tax shelter.

Cardinal filed for bankruptcy protection in May 1989 and has since abandoned modular home construction. It is now concentrating on property management and still co-owns more than a dozen apartment buildings and Knights Inn motels.

Also up for auction is the Timonium Plaza Holiday Inn, a 250-room hotel at 2004 Greenspring Drive in Timonium. The auction, by Atlantic Auctions, is a foreclosure sale on behalf of First National Bank and will be held at 2 p.m. Feb. 1 on the premises.

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