Home News C-ville investor buys former Honey Shop building on Grace Street for $2M

C-ville investor buys former Honey Shop building on Grace Street for $2M

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The former Honey Shop building at 405 E. Grace St. sold for just over $2 million in September. (Image credit: CRVMLS)

He wasn’t looking for another residence, but his first commercial building purchase in the Richmond market gave suburban real estate investors a new place to call home.

Marie Pitts

Charlottesville-based investor Marie Pitts is the new owner of the renovated former Honey Shop building at 405 E. Grace Street after purchasing it for just over $2 million in late September.

The deal includes a commercial store, now occupied by Order Hair Co., and a modern design condominium occupying the remainder of the building where Pitts primarily resides.

Pitts, whose Charlottesville property includes a portfolio of downtown Gleasonville and long-term rental homes, said while searching online listings for commercial real estate in Richmond that the condo was on sale this summer. He said he came across the condo when it was put out.

Captivated by the condo’s design and rooftop deck, Pitts said he was interested in buying the entire building, including the 2,000-square-foot store that was previously the longtime home of health food store Honey Shop.

“I jumped at it the moment I saw it,” he said. “Commercial units weren’t for sale. But we needed an entire building, not just a condo.”

Despite this, he said the condo was a tie.

“Having the condo upstairs was kind of an added benefit because it offsets some of the building overhead,” he said. “Honestly, I don’t know Richmond has anything like that. Spectacular.”

Walter Parks Architects designed the condo when the building was rebuilt in 2019.

Using LLC, Pitts paid $1.6 million for the condo. This is just above his $1.59 million list price, and his $440,000 for commercial space. The city’s latest valuation put the condo at $1.4 million and the store at $486,000.

Pitts worked with One South Realty Group agents Andrea Levine and Angel Papa to co-list the condo for seller Jershon Jones.

Jones, managing director of Richmond-based investment bank Harris Williams & Co. Bought the building in 2017 The following year it was renovated in collaboration with Leipertz Construction and Walter Parks Architects.The renovation was completed in 2019 and the storefront was temporarily leased to a non-profit prior to ordering moved last year.

The kitchen has an island with waterfall edge countertops.

Pitts described the renovation and design as top notch.

“It’s such a spectacular property. The man has done a really great job in rehabilitating it,” he said.

“From the commercial side to the timber, it was watered down. There was a lot of new refurbishment throughout the building, taking advantage of some of the older sides of the building, and when you step inside you can see straight up to the fourth floor. There’s an amazing staircase. And the rooftop is from a New York magazine. It’s really cool.”

The interior is characterized by a variety of building materials and textures.

Totaling 4,500 square feet, or 5,200 counting the roof, the condos occupy the rest of the building, filling part of the first floor behind the storefront and all of the upper floors.

Featuring a modern design with high skylight ceilings, refinished hardwoods, and other original building accents, the condo offers three bedrooms, three bathrooms, two half baths, two Includes primary suite with kitchen, media lounge and walk-in closet. Island kitchen with waterfall edge.

The unit has an elevator, 2 gas fireplaces, 3 dishwashers, and a rooftop deck with a built-in grill and seating, outdoor speakers, and views of downtown. The property also includes two off-street parking spaces and a gated entrance with a deck walkway.

Top floor rooms face the roof deck.

The original brick building, called The Ruelaine, was built in 1910 and is part of the Grace Street Commercial Historic District, which is listed on the National Register of Historic Places. Also known as Tompkins House, the house was remodeled in the 1920s when the residence was converted for retail use, according to the district’s description. Tax relief on the sale of real estate.

Levine and Papa said they have attracted interest from potential buyers who are interested not only in condos but also in stores. She said Jones, who represented her when her dad bought the building, initially wanted to keep the storefront but agreed to include it in her sale.

Andrea Levine

Levine said she received another offer when she was already negotiating with Pitts. He said he decided to list.

“The nature of the property required one of us to be present at the show to share detailed knowledge, project history and architectural/design features.

Pitts said the condo will be an addition to other homes he owns in Charlottesville, Michigan, and Grand Rapids. I was.

“There is a council in town, and there may even be opportunities for short-term rentals of properties while the council is in session,” he said. “I’ve been doing that for years in the Charlottesville marketplace. The building has all kinds of potential.”

Pitts said he was honoring the order’s existing lease, which he said had several years left on it. It fits perfectly,” he said.

The building is his first investment in Richmond, but Pitts said it wouldn’t be his last. He said he’s keeping an eye out for more commercial properties, especially downtown and along the Grace Street corridor.

A rooftop deck with built-in grill and seating offers views of downtown.

“I think there’s a lot of potential in downtown Richmond in the area. It’s not as strong commercially as the Charlottesville market, but it certainly has strong long-term potential,” he said. Told.

The Pitts purchase is in addition to other recent investments made along East Grace Street. a few blocks away, building rehabilitation Address 208-212 E. Grace St. was also designed by Walter Parks, securing 10 apartment and retail spaces for consulting firms Markham Planning and Sadler & Whitehead.

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