Industries Commercial Real Estate

Richmond downtown property turns to new owners

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The Turning Basin property in downtown Richmond.

A downtown Richmond office and restaurant property has dropped anchor with new owners.

Jewell Capital of Miami, Fla., recently bought the Turning Basin property at 111 Virginia St. for an undisclosed sum. The property, purchased Sept. 17, most recently was assessed at $10 million but Richmond’s property records had yet to record the recent sales price Friday.

The office and restaurant property sits in the heart of Shockoe Slip, the capital city’s cobblestone-lined historic district.

The Turning Basin property consists of a newer 92,814-square-foot, five-story office building that connects to a historic 12,436-square-foot, two-story building. The two-story building is home to the restaurant Southern Railway Taphouse and a new arcade the eatery opened this year. The office building almost is fully leased and home to Salem Web Network, Kaleo, SMBW Architects and Morton’s The Steakhouse.

The Turning Basin was on the market for six weeks, according to Eric Robison, a senior vice president for Cushman & Wakefield | Thalhimer’s Capital Markets Group, which represented the seller of the property. He said the property had been foreclosed on about six years ago.

“Our downtown office market is performing very well,” Robison says.

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