Pair of East Grace buildings sold for $2M

The property at 213-215 E. Grace St. sold. Photos by Katie Demeria.

The property at 213-215 E. Grace St. sold a few weeks ago. Photos by Katie Demeria.

More East Grace Street real estate has changed hands.

A pair of office and apartment buildings at 213-215 E. Grace St. was snatched up last month in a $2.07 million deal. Churchill Broad Properties LLC was the buyer. The transaction closed Jan. 13.

It is unclear who exactly is behind the LLC that bought the property. Cushman & Wakefield | Thalhimer’s Birck Turnbull represented the buyer and did not return a request for comment.

The properties were sold by East Grace Street Properties LLC, which purchased them in 2010 for $347,000.

Brokers Charles Wentworth and Will Bradley of CBRE | Richmond represented the seller. They would not identify the individual behind the LLC, but said he is a local, private owner.

“He wanted to take advantage of good timing in the marketplace,” Wentworth said. “There’s a lot of appetite for this size of a deal.”

The properties house 15 apartment units between them with a varying number of bedrooms, Bradley said. They have a total 2,450 square feet of commercial space on the ground floor split into three units. Two are occupied by Nathan Hughes’ Sperity Real Estate Ventures and the third is vacant.

Wentworth said the new owner has a few possible tenants interested in the space, though he did not disclose names.

“I don’t anticipate it to be vacant very long,” he said.

The apartments were 100 percent occupied when the building was sold, according to the brokers.

Bradley said the buildings were put on the market last fall and garnered a lot of interest. It was under contract within a couple of weeks.

“The size, location, the condition of the units – it’s a quality project,” he said.

The deal is the latest in a string of activity around that stretch of downtown. Among other deals, Duke Dodson is renovating the property just around the corner on North Third Street, Chris Tsui is launching a new venture a few blocks down on Grace, and Pop’s Market recently opened up the street. And a sandwich chain is taking over the space at 501 E. Grace St.

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