An emerging player in the continued renaissance of a stretch of downtown has grabbed another piece of East Broad Street real estate frontage.
An entity tied to Duke Dodson, president of Richmond-based Dodson Property Management, has acquired another building in the 300 block of East Broad Street – this time 317 E. Broad St.
The entity, Randymac IV, bought the one-story, 2,000-square-foot property last week for $250,000, according to city property records. The building most recently was assessed for $179,000.
Dodson would not comment on plans for the property.
It’s the fifth contiguous property Dodson’s Randymac has purchased on that block of East Broad in seven months.
In September 2016, the company purchased 309, 311, 313 and 315 E. Broad St. The latest deal puts Randymac’s total investment on the block at $1.9 million, according to city records.
Two of the five storefronts have tenants: New Rich Sports at 311 E. Broad St. and MetroPCS at 317 E. Broad St. The remaining three are vacant.
Michael Shaia, a broker with Richmond-based Cushman & Wakefield | Thalhimer, handled the sale on behalf of the seller, Soo Il Jung.
Dodson’s growing cache represents the latest sign of continued investment along Broad Street between Belvidere and the Greater Richmond Convention Center, and the surrounding Jackson Ward neighborhood.
A couple blocks west, Eric Phipps’ EGP Properties LLC is under contract to purchase a 1-acre parcel at 2 E. Marshall St., where a five-story, $27 million apartment project is planned.
Washington, D.C.-based Douglas Development last month purchased the vacant, 2,000-square-foot building at 314 N. Second St. in Jackson Ward, adding to its holdings of more than a dozen properties in the surrounding blocks.
The sweet music continues as the investment money moves east for relative bargains. Duke Dodson is building a fluid machine, building his brand across the region.congrats to his team!