Reinvesting nearly $2 million from the sale of a commercial property 1,300 miles away from home, local landlord, developer and political hopeful Charlie Diradour has added to his Richmond real estate portfolio.
Through his Lion’s Paw Development, Diradour last week paid $1.4 million to purchase 400 N. Robinson Street, a commercial building in the Fan that houses a Starbucks, among other tenants.
That deal was preceded by the $500,000 purchase of 5810 Grove Ave., the building occupied by a Jack Brown’s Beer & Burger Joint restaurant. Diradour LLC closed on that deal Sept. 30.
Both acquisitions were funded by $1.9 million that Diradour recouped from the sale of a property earlier this year in Oklahoma City, a building that is also occupied by a Starbucks. He said he bought the buildings through a 1031 exchange, which allows property owners to use the profits from a prior real estate sale to purchase another property and avoid capital gains taxes from the initial deal.
“You’ve got two really good tenants there, and I’m glad to bring the money back to Richmond,” he said.
Diradour said neither property was actively on the market when he approached the owners.
“I sold (the Oklahoma property) and we started looking around at other 1031 properties around the country,” he said. “I’ve always liked that Libbie and Grove corridor, so I called those folks. I called the owner of (the Robinson Street building) himself and he said, ‘Yeah, I’ll listen to you.’”
The pair of acquisitions increases Diradour’s holdings in the Fan and along Grove Avenue, and gives him another Starbucks-anchored property.
Diradour has a penchant for owning Starbucks storefronts.
He owns the Starbucks storefront at 5802 Grove. Ave. and also developed and owns 1017 N. Boulevard, a pair of storefronts that houses a Starbucks and Growlers To Go.
“I enjoy a really good relationship with Starbucks,” he said. “Every store you walk into has a small business feel to it. They treat their partners really well.”
His list of commercial properties around Richmond also includes 5804 and 5814 Grove Ave., the Kuba Kuba building at 310 N. Lombardy St., the Pearl Raw Bar building at 2229 W. Main St., Secco Wine Bar’s new home at 325 N. Robinson St., the Buskey Cider building in Scott’s Addition and En Su Boca’s porn-shop-turned-taco-shop on North Boulevard.
Diradour was represented in the recent deals by his longtime attorney Bill Pantele. Brokers John Myers of Cushman & Wakefield | Thalhimer and Sandy Appelman of Keller Williams worked the Grove Avenue sale.
Diradour, who recently ran an unsuccessful bid for a seat on Richmond City Council, said he’ll continue to keep his eye out for new properties to buy.
“Lion’s Paw is always interested in growth and we’re looking to continue our progress.”