With more than 20 years in real estate behind them, four brothers have closed on a Midlothian commercial property and an industrial building near RIC.
Latitude Holdings bought the Midlothian Station Shopping Center at 13541-13591 Midlothian Turnpike on May 26 for $5.9 million from an unnamed Maryland firm.
Latitude is a Frederick, Maryland-based real estate company owned by brothers Theodore H. Butz, Thompson H. Butz Jr., Robert T. Butz and Jeremy F. Butz.
Robert Butz said recent developments along Midlothian Turnpike attracted him to invest in the area. Built in 1982, Midlothian Station is 92 percent leased and anchored by a Youfit and Ace Hardware.
“I think it’s still trying to maintain that smaller community character, as it were,” Robert Butz said of the 66,000-square-foot shopping center. “I thought it was different than other properties along the corridor with its colonial architecture and being there since the 80s.”
Façade renovations are planned for the property beginning in the fourth quarter. Butz would not comment on the budget for renovations, nor how Latitude Holdings financed the purchase of Midlothian Station. He said the company is interviewing two architecture firms to do the designs for the renovations.
Brokers Kris Knepper and Will Bradley of CBRE represented the sellers of Midlothian Station, which hit the market in November. Bradley said the previous owners had owned the property for 10 years. He said there were a handful of offers to buy Midlothian Station before Latitude Holdings’ offer carried the day.
Martin Blum and Andrew Ferguson of Colliers International represented Latitude Holdings in the deal. Colliers handles leasing and property management for the shopping center. Blum said Midlothian Station has four vacancies including an end cap space that’s being saved for a restaurant tenant.
In addition to its Chesterfield deal, Latitude Holdings in March purchased the 100,000-square-foot industrial building at 2840 Sprouse Drive in Henrico County. The firm paid $4.9 million for the single-tenant property to Samuel L Peters LLC, according to a county property record.
Butz said Latitude Holdings has done deals in Richmond in the past but the Sprouse Drive property and Midlothian Station are the company’s only current holdings. He said more deals are in the works.
“We’ve always been in and out of Richmond,” the University of Richmond graduate said. “This is definitely our largest step in the Richmond market.”