In addition to being a finalist for the city’s proposed Diamond District redevelopment project, Thalhimer Realty Partners has been staying busy this spring with an acquisition, sale and groundbreaking in recent weeks.
Last month, the Henrico-based development arm of Cushman & Wakefield | Thalhimer sold the 1510 Lofts at 1510 W. Broad St. for $5.8 million. It also purchased about four acres of land in Petersburg’s historic district, where it’s planning a 78-unit apartment project.
TRP also recently began demolition of the former Wesco Distribution warehouse at 2902 N. Arthur Ashe Blvd. to make way for a seven-story apartment building with 272 units. It’s working that project with Charlotte, North Carolina-based Crescent Communities.
The 1510 Lofts, which houses 17 apartments and a Foot Locker store at Broad and Lombardy streets, was purchased by JDL Management, an investment firm based out of New York led by Justin Rubinstein, a Richmond native.
In addition to working as a real estate agent for Compass, a massive brokerage that recently entered the Richmond market, Rubinstein has been running JDL Management since 2010 with Daniel Levine, a childhood friend who’s also from Richmond but is now in Australia working as an accountant.
Rubinstein said JDL’s portfolio consists of five buildings, and that the 1510 Lofts deal was the product of a 1031 exchange following the sale of some apartments they owned in Brooklyn.
“Richmond’s a city we know and are familiar with. I think it has a lot of potential along with places like Raleigh, Nashville, Austin and Charleston. It’s kind of in that group,” Rubinstein said.
The apartments at 1510 were fully leased at the time of sale, and Rubinstein said they’re currently negotiating a lease with a commercial tenant to take the remaining 5,000 square feet of retail space. Rubinstein said they don’t have any major changes planned for the building.
TRP bought the 1510 Lofts in 2017 for $4.6 million, and they were assessed by the city this year 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 Management.
The 1510 Lofts are located across North Lombardy Street from the 12-story Ascend RVA tower, which is currently under construction.
Over near The Diamond, TRP and Crescent Communities recently began demolishing the Wesco Distribution building at 2902 N. Arthur Ashe Blvd. An 83,000-square-foot building with 272 apartments dubbed Novel Scott’s Addition is set to rise in its place. Though the project won’t include any commercial space, it does tout some non-traditional amenities such as a library, fireside lounge, garden dining room and resident speakeasy.
TRP bought the real estate for Novel Scott’s Addition in 2019 for $3.7 million but, ahead of the Wesco building’s demolition in May, it sold it for $6.7 million to a joint entity that it’s included in with Crescent and ParkProperty Capital, an investment firm that’s an equity partner in the project. ParkProperty is split-headquartered in Atlanta and Hamburg, Germany.
The 3.2-acre site is catty-corner to The Diamond, which TRP is vying to win the right to redevelop as part of a team made up of Republic Properties Corp., Loop Capital and others. Their team is one of three finalists for the 67-acre project that’ll see the Richmond Flying Squirrels get a new home.
Lastly, TRP recently spent $875,000 on 4.2 acres of land in Petersburg to make way for another multifamily project.
Located at 510 High St., 400 Commerce St. and 100 Lafayette St., the newly acquired land will make way for new construction of 78 units. The first phase will consist of 14 duplexes, while the second phase will be a 50-unit apartment building reaching up to four stories.
It’s unclear when TRP plans to break ground on the project. TRP principal Matt Raggi confirmed the plans but wasn’t available for further comment by press time.
The plot is just down the street from TRP’s recently completed Market Street Lofts building. The former textile factory houses 106 apartments. Raggi said they’re wrapping up leasing the Market Street Lofts now.
Colliers International’s Garrison Gore, Charles Wentworth, Hank Hankins, and Victoria Pickett represented the seller in the Petersburg deal.