Along with being a finalist for town’s proposed Diamond District redevelopment challenge, Thalhimer Realty Companions has been staying busy this spring with an acquisition, sale and groundbreaking in current weeks.
Final month, the Henrico-based improvement arm of Cushman & Wakefield | Thalhimer bought the 1510 Lofts at 1510 W. Broad St. for $5.8 million. It additionally bought about 4 acres of land in Petersburg’s historic district, the place it’s planning a 78-unit house challenge.
TRP additionally not too long ago started demolition of the previous Wesco Distribution warehouse at 2902 N. Arthur Ashe Blvd. to make manner for a seven-story house constructing with 272 models. It’s working that challenge with Charlotte, North Carolina-based Crescent Communities.
The 1510 Lofts, which homes 17 flats and a Foot Locker retailer at Broad and Lombardy streets, was bought by JDL Administration, an funding agency based mostly out of New York led by Justin Rubinstein, a Richmond native.
Along with working as an actual property agent for Compass, a large brokerage that not too long ago entered the Richmond market, Rubinstein has been working JDL Administration since 2010 with Daniel Levine, a childhood good friend who’s additionally from Richmond however is now in Australia working as an accountant.
Rubinstein mentioned JDL’s portfolio consists of 5 buildings, and that the 1510 Lofts deal was the product of a 1031 trade following the sale of some flats they owned in Brooklyn.
“Richmond’s a metropolis we all know and are aware of. I feel it has quite a lot of potential together with locations like Raleigh, Nashville, Austin and Charleston. It’s sort of in that group,” Rubinstein mentioned.
The flats at 1510 had been totally leased on the time of sale, and Rubinstein mentioned they’re at present negotiating a lease with a industrial tenant to take the remaining 5,000 sq. ft of retail area. Rubinstein mentioned they don’t have any main modifications deliberate for the constructing.
TRP purchased the 1510 Lofts in 2017 for $4.6 million, and so they had been assessed by town this 12 months at $4.9 million. TRP was represented by Bo McKown and Cathy Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group, and S.L. Nusbaum’s Nathan Shor, Andrew Nusbaum and Carter Wells represented JDL Administration.
The 1510 Lofts are situated throughout North Lombardy Avenue from the 12-story Ascend RVA tower, which is at present underneath development.
Over close to The Diamond, TRP and Crescent Communities not too long ago started demolishing the Wesco Distribution constructing at 2902 N. Arthur Ashe Blvd. An 83,000-square-foot constructing with 272 flats dubbed Novel Scott’s Addition is ready to rise as a substitute. Although the challenge received’t embrace any industrial area, it does tout some non-traditional facilities equivalent to a library, hearth lounge, backyard eating room and resident speakeasy.
TRP purchased the true property for Novel Scott’s Addition in 2019 for $3.7 million however, forward of the Wesco constructing’s demolition in Could, it bought it for $6.7 million to a joint entity that it’s included in with Crescent and ParkProperty Capital, an funding agency that’s an fairness associate within the challenge. ParkProperty is split-headquartered in Atlanta and Hamburg, Germany.
The three.2-acre website is catty-corner to The Diamond, which TRP is vying to win the fitting to redevelop as a part of a staff made up of Republic Properties Corp., Loop Capital and others. Their staff is one among three finalists for the 67-acre challenge that’ll see the Richmond Flying Squirrels get a brand new house.
Lastly, TRP not too long ago spent $875,000 on 4.2 acres of land in Petersburg to make manner for an additional multifamily challenge.
Situated at 510 Excessive St., 400 Commerce St. and 100 Lafayette St., the newly acquired land will make manner for brand new development of 78 models. The primary section will include 14 duplexes, whereas the second section will likely be a 50-unit house constructing reaching as much as 4 tales.
It’s unclear when TRP plans to interrupt floor on the challenge. TRP principal Matt Raggi confirmed the plans however wasn’t out there for additional remark by press time.
The plot is simply down the road from TRP’s not too long ago accomplished Market Avenue Lofts constructing. The previous textile manufacturing unit homes 106 flats. Raggi mentioned they’re wrapping up leasing the Market Avenue Lofts now.
Colliers Worldwide’s Garrison Gore, Charles Wentworth, Hank Hankins, and Victoria Pickett represented the vendor within the Petersburg deal.