A Richmond real estate company has sealed off another chunk of Shockoe Bottom.
The Wilton Companies this month bought an 11,600-square-foot retail and residential complex near the Farm Fresh grocery store the company picked up in July. The building, whose tenants include the 23rd & Main Kitchen & Taproom and a Subway, sold Dec. 2 for $1.9 million.
“This probably wouldn’t typically be in our target range of what we would buy, but because it was adjacent, contiguous to the shopping center we bought last summer, it made sense to buy,” Wilton president and chief executive Rich Johnson said Friday.
Wilton closed July 9 on a $6.64 million deal for the Farm Fresh and the 10,000-square-foot CVS pharmacy within the same complex. With its most recent purchase, Wilton now owns the entire block bounded by Main, Franklin, 23rd and 24th streets, except for the Pohlig Box Factory apartments that front Franklin.
The Wilton Companies have a few cosmetic updates planned for the property at the corner of 23rd and Main streets but will continue to operate the space as is. The building’s retail space is fully occupied, Johnson said, and one of three second-floor apartments recently became vacant.
This makes the second slice of Shockoe Bottom retail and restaurant space to change hands in the past month. On Nov. 12, Rebkee scooped up 12,670 square feet at 17th and Franklin streets in what the firm called a “calculated risk” to try and capitalize on the mayor’s plan for a ballpark in Shockoe Bottom.
The Wilton Companies doesn’t have any more acquisitions in the works for the downtown neighborhood, but Johnson said the potential for a baseball stadium makes Shockoe Bottom worth watching.
“We’ve got our eyes open down there,” he said. “Everyone knows [the stadium proposal] is certainly not a done deal at this point in time, but it’s a plan that everyone is working towards and certainly adds a spark to that area.”