MANCHESTER – An auction on Monday failed to find a new buyer for the High Ridge Plaza on Route 7A and the property was purchased by a holding company that already owned the mortgage note on the property.

Attorney Rodney McPhee, with the Rutland law firm, Kenlan, Schwiebert, Facey & Goss, P.C., which represents the property’s current owner, said there was one bid on the property of $1.85 million which was placed by Iron Point Titan Ventures.

There were about six potential bidders at the on-site auction on Monday, McPhee said.

Iron Point, an affiliate of a private investment company, was already the owner of the property after a foreclosure complaint, filed in August 2009, was finalized in May.

McPhee said Iron Point would keep the plaza open and the businesses in the plaza, including the Panda Garden restaurant, Bose and Bennington Furniture, would continue to operate.

Gene McQuown, a managing director at Iron Point, said there is no intention to sell the property immediately. Iron Point plans to improve and lease the property and provide stable ownership, he said.

The plaza has been operated by a court-appointed receiver over the past year.

Iron Point, a managing partner in the venture, which has offices in Washington, D.C. and Dallas, also has a property, a former L.L. Bean store, in North Conway, N.H.