Schell Brothers bought the building at 1919 Huguenot Road for $850,000. (S.L. Nusbaum Realty)
A Delaware-based homebuilder making moves in the Richmond market has secured a sweet spot in Southside to plant its local flag.
Schell Brothers is under contract to purchase the building at 1919 Huguenot Road, just west of Robious Road and the Huguenot Village Shopping Center and next door to the Southside Sugar Shack location.
Shane Burnette, who has led Schell’s entry into Richmond, said the company is set to close on the three-story, 13,500-square-foot building at the end of this month. The purchase price for the 30-year-old building is $850,000, just below its list price of $875,000.
Schell was represented in the deal by Harrison Hall and Peter Vick with Divaris Real Estate. Bob Butcher and Nathan Shor of S.L. Nusbaum Realty Co. represented the seller, listed in Chesterfield property records as Cromwood Associates LC.
Shane Burnette
The building currently houses the Bowen, Champlin & Foreman law firm. Attorney Michael Champlin is the registered agent for the firm, which purchased the nearly 1-acre property in 1996 for $643,000. The most recent county assessment valued the property at $870,700.
Burnette said the law firm will remain in the building, occupying the first floor for at least two years on a lease that includes options to renew. Schell’s local staff of nine will take up the top two floors, with its offices on the second floor and a design gallery on the third.
Having operated out of rented space on Iron Bridge Road since entering the market last summer, Burnette said, the company was drawn to the site’s high visibility and proximity to highways.
“It’s a great location,” Burnette said, noting the doughnut shop next door, the Mellow Mushroom restaurant under construction up the street, and Virginia Family Dentistry’s plans for a new facility at 1612 Huguenot Road – a 1.7-acre property the practice purchased in February for $300,000.
“We think the shopping center next door to us is poised for redevelopment at some point,” Burnette said.
The company plans to update the building’s exterior, gut its two floors and remodel the entrance and lobby. Burnette said it is putting more than $500,000 into the project, which he said would begin once the sale closes.
“We feel like we got a fair price for the condition the building was in, and there’s not any new Class A space in that area,” he said. “After we get done with our renovations, it will be a Class A office facility.”
The contractor on the project is Midlothian-based Leipertz Construction, and the architect is Richmond firm 510 Architects. Townebank is financing the renovation, which Burnette expects to finish by yearend, with the company moving in by the start of next year. Townebank’s Tracey Jameson worked with Schell on the financing.
Burnette said Schell could have served as its own contractor, but went with Leipertz because its resources are committed to other projects. Those include the 28 homes it is building at the Sanctuary at Roseland subdivision beside Hallsley, a 69-lot section in Magnolia Green, and additional lots in Lake Margaret – a 55-and-up section of The Highlands.
The design gallery will be designed by Jane Meagher of New Jersey-based Success Strategies, who Burnette said designed both HHHunt’s and Main Street Homes’ galleries at Westchester Commons.
Burnette said the company has sold five of its 28 homes at the Sanctuary at Roseland, where it will hold a preview event and construction demonstration on June 20. It also is building its home model there and at Lake Margaret.
Homes at the Sanctuary start at 3,200 square feet and range from $400,000 to $600,000 and up. The Magnolia Green homes range from 3,500 to 7,500 square feet and are priced from $369,000 to $469,000. Burnette said the Lake Margaret homes will be comparable.
Schell is the latest residential real estate firm to set up shop in the Robious-Huguenot corridor. Peninsula-based brokerage Liz Moore & Associates moved its office there last year. Other firms in the area include Investors Land Co., River City Elite Properties and Long & Foster’s Bellgrade office.
Schell Brothers bought the building at 1919 Huguenot Road for $850,000. (S.L. Nusbaum Realty)
A Delaware-based homebuilder making moves in the Richmond market has secured a sweet spot in Southside to plant its local flag.
Schell Brothers is under contract to purchase the building at 1919 Huguenot Road, just west of Robious Road and the Huguenot Village Shopping Center and next door to the Southside Sugar Shack location.
Shane Burnette, who has led Schell’s entry into Richmond, said the company is set to close on the three-story, 13,500-square-foot building at the end of this month. The purchase price for the 30-year-old building is $850,000, just below its list price of $875,000.
Schell was represented in the deal by Harrison Hall and Peter Vick with Divaris Real Estate. Bob Butcher and Nathan Shor of S.L. Nusbaum Realty Co. represented the seller, listed in Chesterfield property records as Cromwood Associates LC.
Shane Burnette
The building currently houses the Bowen, Champlin & Foreman law firm. Attorney Michael Champlin is the registered agent for the firm, which purchased the nearly 1-acre property in 1996 for $643,000. The most recent county assessment valued the property at $870,700.
Burnette said the law firm will remain in the building, occupying the first floor for at least two years on a lease that includes options to renew. Schell’s local staff of nine will take up the top two floors, with its offices on the second floor and a design gallery on the third.
Having operated out of rented space on Iron Bridge Road since entering the market last summer, Burnette said, the company was drawn to the site’s high visibility and proximity to highways.
“It’s a great location,” Burnette said, noting the doughnut shop next door, the Mellow Mushroom restaurant under construction up the street, and Virginia Family Dentistry’s plans for a new facility at 1612 Huguenot Road – a 1.7-acre property the practice purchased in February for $300,000.
“We think the shopping center next door to us is poised for redevelopment at some point,” Burnette said.
The company plans to update the building’s exterior, gut its two floors and remodel the entrance and lobby. Burnette said it is putting more than $500,000 into the project, which he said would begin once the sale closes.
“We feel like we got a fair price for the condition the building was in, and there’s not any new Class A space in that area,” he said. “After we get done with our renovations, it will be a Class A office facility.”
The contractor on the project is Midlothian-based Leipertz Construction, and the architect is Richmond firm 510 Architects. Townebank is financing the renovation, which Burnette expects to finish by yearend, with the company moving in by the start of next year. Townebank’s Tracey Jameson worked with Schell on the financing.
Burnette said Schell could have served as its own contractor, but went with Leipertz because its resources are committed to other projects. Those include the 28 homes it is building at the Sanctuary at Roseland subdivision beside Hallsley, a 69-lot section in Magnolia Green, and additional lots in Lake Margaret – a 55-and-up section of The Highlands.
The design gallery will be designed by Jane Meagher of New Jersey-based Success Strategies, who Burnette said designed both HHHunt’s and Main Street Homes’ galleries at Westchester Commons.
Burnette said the company has sold five of its 28 homes at the Sanctuary at Roseland, where it will hold a preview event and construction demonstration on June 20. It also is building its home model there and at Lake Margaret.
Homes at the Sanctuary start at 3,200 square feet and range from $400,000 to $600,000 and up. The Magnolia Green homes range from 3,500 to 7,500 square feet and are priced from $369,000 to $469,000. Burnette said the Lake Margaret homes will be comparable.
Schell is the latest residential real estate firm to set up shop in the Robious-Huguenot corridor. Peninsula-based brokerage Liz Moore & Associates moved its office there last year. Other firms in the area include Investors Land Co., River City Elite Properties and Long & Foster’s Bellgrade office.