Marwaha strikes again, buys former Circuit City HQ out of foreclosure for $31M

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After quietly falling into foreclosure this summer, Deep Run III, the former Circuit City headquarters building in Henrico, is back under local ownership.

The 6-story, 355,000-square-foot office building at 9954 Mayland Drive sold on Monday to prolific real estate investor Gagan Marwaha for $31 million.

Known initially for buying apartment buildings in Petersburg, Marwaha and his firm Marwaha Investments more recently have been on an office building buying spree that now spans five deals totaling $53 million in less than 24 months.

Like most of Marwaha’s other office deals, Deep Run III was considered a troubled asset. Marwaha purchased the property from insurance giant Principal, which had been the noteholder when the building’s previous owner, Bost