The space next to Broadway Marketplace at Third and Broad streets has been filled by a national brand. Photos by Katie Demeria.
With the ink still drying on a lease to a national retailer, an East Broad Street building has hit the market.
The 53,000-square-foot property at 312 E. Broad St. has been listed with an asking price of just over $4 million after securing a new Walgreens Healthcare store in its previously vacant commercial space.
The property sports two retail spaces on its ground floor and 27 apartment units. Broadway Marketplace has leased out one of the retail spaces for the past eight years, and a Foot Locker location had occupied the other before it moved out last year, said Scott Boyers, one of the property’s owners.
“Foot Locker was a national brand, and they were one of only a handful down on Broad,” Boyers said. “We were sorry to lose them, but at the same time I’m thrilled to have Walgreens.”
The property’s owner is 312 East Broad Street LP and includes Boyers, Larry Willis and Norfolk-based Virtexco Corp. They purchased the property in 2002 and renovated it in 2004 as a historic tax credit project.
Walgreens will settle into a 3,500-square-foot space by early next year. The location will be a Walgreens Healthcare clinic, a smaller pharmacy-only concept that does not have the full range of products usually offered by traditional Walgreens.
Walgreens spokesman Phil Caruso said the location is more like a community pharmacy that focuses on specialty drugs, such as those used to treat cancer or diabetes.
Boyers said he prefers the pharmacy-centric Walgreens concept for this space because it won’t compete with Broadway Marketplace.
“These guys complement each other well; I think it will be great,” he said.
Walgreens was represented in the deal by Bob Porter of Porter Realty. The building’s owners were represented by Thomas Bryan and David Crawford of CBRE | Richmond.
The building was constructed in 1912 and originally housed a Weisberger’s department store. It was designed by W. Duncan Lee, known for his work on many Monument Avenue homes.
It was most recently assessed at $3.6 million, according to city records. Charles Wentworth and Barry Hofheimer of CBRE | Richmond are handling the sale.
Boyers said he has plans to renovate the Walgreens’ retail space, knocking out one of the ground-floor apartments to give the pharmacy more room. He will start demolition in early December. Dallan Construction is doing the work.
Then he will pass the space along to Walgreens, who will renovate it with WIMCO Corp. of North Carolina as contractor. The pharmacy should open by February of 2016.
“These aren’t the usual Broad Street storefronts – they’re big and wide – so the space is going to convert well,” Boyers said.
Boyers said the group decided to put the property on the market now because their loan was coming due, and while one option is to refinance – which they still might do – the other is to sell.
“And the market’s good to sell right now,” he said. “We do believe that area is on the way up.”
That belief hinges in part on the revitalization of one of the anchors of the neighborhood, the Central National Bank building, which is set to bring more than 200 units to the area. The tower is located catty-corner to the block that houses 312 E. Broad St. Boyers said he imagines the building, once it opens, will continue to transform the surrounding blocks.
“Our businesses will both do better, the apartments will do better, and the safety and security of the street will improve when large spaces like that are occupied,” he said.
The space next to Broadway Marketplace at Third and Broad streets has been filled by a national brand. Photos by Katie Demeria.
With the ink still drying on a lease to a national retailer, an East Broad Street building has hit the market.
The 53,000-square-foot property at 312 E. Broad St. has been listed with an asking price of just over $4 million after securing a new Walgreens Healthcare store in its previously vacant commercial space.
The property sports two retail spaces on its ground floor and 27 apartment units. Broadway Marketplace has leased out one of the retail spaces for the past eight years, and a Foot Locker location had occupied the other before it moved out last year, said Scott Boyers, one of the property’s owners.
“Foot Locker was a national brand, and they were one of only a handful down on Broad,” Boyers said. “We were sorry to lose them, but at the same time I’m thrilled to have Walgreens.”
The property’s owner is 312 East Broad Street LP and includes Boyers, Larry Willis and Norfolk-based Virtexco Corp. They purchased the property in 2002 and renovated it in 2004 as a historic tax credit project.
Walgreens will settle into a 3,500-square-foot space by early next year. The location will be a Walgreens Healthcare clinic, a smaller pharmacy-only concept that does not have the full range of products usually offered by traditional Walgreens.
Walgreens spokesman Phil Caruso said the location is more like a community pharmacy that focuses on specialty drugs, such as those used to treat cancer or diabetes.
Boyers said he prefers the pharmacy-centric Walgreens concept for this space because it won’t compete with Broadway Marketplace.
“These guys complement each other well; I think it will be great,” he said.
Walgreens was represented in the deal by Bob Porter of Porter Realty. The building’s owners were represented by Thomas Bryan and David Crawford of CBRE | Richmond.
The building was constructed in 1912 and originally housed a Weisberger’s department store. It was designed by W. Duncan Lee, known for his work on many Monument Avenue homes.
It was most recently assessed at $3.6 million, according to city records. Charles Wentworth and Barry Hofheimer of CBRE | Richmond are handling the sale.
Boyers said he has plans to renovate the Walgreens’ retail space, knocking out one of the ground-floor apartments to give the pharmacy more room. He will start demolition in early December. Dallan Construction is doing the work.
Then he will pass the space along to Walgreens, who will renovate it with WIMCO Corp. of North Carolina as contractor. The pharmacy should open by February of 2016.
“These aren’t the usual Broad Street storefronts – they’re big and wide – so the space is going to convert well,” Boyers said.
Boyers said the group decided to put the property on the market now because their loan was coming due, and while one option is to refinance – which they still might do – the other is to sell.
“And the market’s good to sell right now,” he said. “We do believe that area is on the way up.”
That belief hinges in part on the revitalization of one of the anchors of the neighborhood, the Central National Bank building, which is set to bring more than 200 units to the area. The tower is located catty-corner to the block that houses 312 E. Broad St. Boyers said he imagines the building, once it opens, will continue to transform the surrounding blocks.
“Our businesses will both do better, the apartments will do better, and the safety and security of the street will improve when large spaces like that are occupied,” he said.
Hello Richmond Community, does anyone know anything about the new police station for VCU that was supposed to go
across from the CNB tower, it looks stalled.