Thalhimer buys Diamond District properties for $4.6M
Richmond developer is part of venture building new district, stadium
TRP Hermitage LLC, an entity connected to Richmond-based Thalhimer Realty Partners Inc., has purchased two industrial properties near The Diamond baseball stadium in Richmond for $4.6 million, S.L. Nusbaum Realty Co. announced Thursday. It was an off-market deal, according to Thalhimer.
The plots — 0.735 acres at 1701 Rhoadmiller St. and 0.978 acres at 2508 Hermitage Road — are part of the Diamond District, a 67-acre area that is set to be redeveloped in a project centered around a new baseball stadium for the Richmond Flying Squirrels AA team. Thalhimer is part of the winning team of developers, designers and builders known as RVA Diamond Partners LLC. A panel of elected and other officials with the city of Richmond tapped the joint venture in September.
The entire project is expected to cost $2.44 billion, with the first phase costing $627.6 million, according to the city.
Other partners in the RVA Diamond Partners joint venture include Washington, D.C.-based Republic Properties Corp., Chicago-based Loop Capital Holdings LLC and San Diego venue developer JMI Sports. According to the city’s announcement, the group committed to purchase the first $20 million in bonds needed to finance the stadium, which is required to be completed and open for the 2025 Minor League Baseball season.
According to Cushman & Wakefield | Thalhimer, parent company of Thalhimer Realty Partners, the ballpark will have a capacity of 10,000 patrons, and the rest of the project will include 935,000 square feet of office space, 195,000 square feet of retail and community space, and two hotels with a total of 330 rooms.
Nusbaum’s news release Thursday said the new owner of the two properties on Rhoadmiller and Hermitage, which currently are occupied by industrial buildings, plans to retain the land for future development. The two warehouses have been occupied by Wurth Wood Group for decades, and the company will continue to be tenants in the near term, according to Thalhimer, which bought two other properties at 1715 Rhoadmiller St. and 2501 Hermitage Road last year. Golf Acres Investments LLC was the properties’ previous owner, and Reid Cardon of Nusbaum represented the seller in the transaction.
In addition to the new stadium, the Diamond District is expected to include an 11-acre park and 2,800 residential units — both rental and 157 condos for sale — available at different price points, with 20% of rental units priced for households earning between 30% and 60% of the area median income, and 100 apartments under project-based vouchers for public housing residents. The Diamond District development will connect with the Scott’s Addition neighborhood and Virginia Commonwealth University’s Athletics Village, set to be built on 41.7 acres on Hermitage Road.