Richmond commercial property sells for $1.8M
Capital Square LLC plans three-building mixed-use complex
Published
Commercial parcels in the Scott’s Addition neighborhood in Richmond sold for $1.8 million, Virginia Beach-based Divaris Real Estate Inc. announced Wednesday.
Capital Square 1031 LLC purchased 21,700 square feet (0.5 acres) located at 3001-3009 W. Leigh St. in Richmond from Cash Properties to build a three-building mixed-use complex.
Based in Glen Allen, Capital Square specializes in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds, which allow investors to defer capital gains taxes by investing in projects on census land tracts designated as federal opportunity zones by the U.S. Treasury in 2018. Virginia has 212 opportunity zones, including Scott’s Addition, which has seen fast-paced development in the past five years.
The three buildings will be five stories tall, with parking and commercial space on the first floor and approximately 50 apartments in each building.
Construction is expected to begin this summer.
Read Goode and Cheryle Toy of Divaris represented the buyer in the transaction.
Related Stories
Richmond property sells for $2.75M
Lot in Libby Hill will be developed into apartments.
Developer expects to break ground soon on luxury apartments in Richmond
Project would bring 53 apartments to downtown vacant lot
$32.4M apartment complex coming to Scott’s Addition
The 350-unit development will also have 15,000 square feet of retail space.
Richmond developer raises $7M for apartment building in Scott’s Addition
Five-story building on West Clay Street will have 80 apartments.
