Sauer Properties purchases six-acre site in Richmond for $3.8 million
Sauer Properties Inc. has purchased a six-acre site in Richmond two blocks from the Bon Secours Redskins Training Facility for $3.8 million.
While the two parcels at 928 North Meadow and 1010 North Meadow Street are in a prime location for future redevelopment, a Sauer Properties spokesman says the firm has no plans for the property at this time.
“We have no immediate plans for it. It’s just another acquisition in the area here. We probably have close to 40 acres around here that’s been assembled over the years,” said Shane Parr, who works in real estate for Sauer Properties, a subsidiary of the C.F. Sauer spice company that’s been located at the corner of Hermitage and 2000 West Broad Street since 1911.
Sauers bought the land from East Coast Realty Investment Associates LLC. East Coast Metal Distributors, a supplier of HVAC equipment, leases a 44,000-square-foot warehouse on one of the parcels at 928 North Meadow.
Sauers Properties’ other recent acquisitions include the former home of Virginia’s Department of Taxation, at 133,000-square foot building at 2220 W. Broad. It bought that building for $4 million. Another one of its properties, Pleasants Hardware, is located next to the former tax building.
The area on West Broad close to the Boulevard is seeing lots of development. The Midlothian-based Rebkee Co. is renovating the old 240,000-square-foot Interbake Cookie factory on Broad Street into 178 apartments.
According to Parr, in addition to the land Sauer Properties owns in and around the spice and condiment company’s headquarters, it also owns about six shopping centers in the Richmond area along with other miscellaneous properties. Right now, he adds, “we have no plans for any of that stuff. Who knows what might happen.”
Chip Louthan and Kit Tyler of the Richmond office of Colliers International represented the sellers on the most recent purchase while Commonwealth Commercial represented Sauer Properties.