In addition to being the finalist of the city’s proposed Diamond District redevelopment project, Thalhimer Realty Partners has been busy this spring with acquisitions, sales and groundbreaking efforts.
Last month, Cushman & Wakefield’s Henraico-based development division | Thalhimer sold the 1510 Loft at 1510 W. Broad St. for $ 5.8 million. We are also planning a 78-unit apartment project with the purchase of approximately 4 acres of land in the historic center of Petersburg.
TRP has also recently begun dismantling the former Wesco Distribution warehouse at 2902 N. Arthur Ashe Blvd. Give way to 272 7-story apartments. The project is working with the Crescent Community based in Charlotte, North Carolina.
The 1510 Loft, which houses 17 apartments and a foot locker store on Broad Street and Lombardy Street, was purchased by JDL Management, a New York-based investment company headed by Justin Rubinstein from Richmond.
In addition to working as a compass real estate agent Recently entered the Richmond marketRubinstein has been running JDL Management since 2010, and his childhood friend Daniel Levine is also from Richmond, but is currently working as an accountant in Australia.
Rubinstein said the JDL portfolio consists of five buildings and the 1510 Lofts transaction is the product of a 1031 exchange after the sale of some of the apartments he owned in Brooklyn.
“Richmond is a city we know and know very well. I think it has great potential alongside Laurie, Nashville, Austin, Charleston, etc. It’s like that group.” Rubinstein said.
The 1510 apartment was completely rented at the time of sale, and Rubinstein said it is currently negotiating a rental with a commercial tenant to acquire the remaining 5,000 square feet of retail space. Rubinstein said no major changes were planned for the building.
TRP Purchased 1510 Loft in 2017 At $ 4.6 million, this year it was valued at $ 4.9 million by the city. TRP was represented by Bo McKown and Cathy Spangler of Cushman & Wakefield. JDL Management was represented by Thalhimer’s Capital Markets Group, SL Nusbaum’s Nathan Short, Andrew Nusbaum and Carter Wells.
The 1510 Loft is opposite North Lombardy Street. 12-story Ascend RVA TowerCurrently under construction.
Near Diamond, the TRP and Crescent Community have recently begun dismantling the Wesco Distribution building at 2902 N. Arthur Ashe Blvd. 83,000 sq ft building with 272 apartments dubbed Novel Scotts Addition Instead, it is set to rise. The project does not include commercial space, but it advertises non-traditional facilities such as a library, a lounge by the fireplace, a garden dining room, and resident Speakeasy.
TRP bought the Novel Scott’s Addition property for $ 3.7 million in 2019, but sold it to a joint venture within Crescent and Park Property Capital for $ 6.7 million prior to the demolition of Wescoville in May. Equity partner of the project. ParkProperty is headquartered in Atlanta and Hamburg, Germany.
The 3.2-acre site is just around the corner of The Diamond, where TRP is vying for the right to redevelop as part of the team. Republic Properties Corp., Loop Capital, etc...Their team One of the three finalists For a 67-acre project to see Richmond Flying Squirrel get a new home.
Finally, TRP recently gave way to another condominium project, spending $ 875,000 on 4.2 acres of land in Petersburg.
The newly acquired land will be located at 510 High St., 400 Commerce St. and 100 Lafayette St., giving way to 78 new constructions. The first phase consists of 14 duplexes and the second phase is a 50 unit apartment with up to 4 floors.
It is unknown when TRP plans to embark on the project. TRP principal Matt Raggi confirmed the plan, but did not receive any further comments by the press time.
The plot is just below TRP’s recently completed Market Street Loft Building. The former textile factory has 106 apartments. Raggi said it will terminate the lease of Market Street Lofts.
Colliers International’s Garrison Gore, Charles Wentworth, Hank Hankins and Victoria Pickett represented sellers in Petersburg’s deal.