Salomonsky, White sell downtown complex for $6M

The complex consists of seven conjoined buildings. (Courtesy Marcus & Millichap)

Correction: An earlier version of this story incorrectly stated that Ralph Reahard helped structure the deal for 1321 1/2 E. Main St. His firm will be leasing and managing the property, but did not broker the deal.

A group of out-of-town investors has grabbed a piece of downtown at the edge of Shockoe Bottom.

An entity tied to Chris and Nancy Blethen of Northern Virginia last month purchased the mixed-use complex at 1321½ E. Main St., known until recently as the Wedge at Courtyard Lofts.

The property, which consists of seven inter-connected buildings near the intersection of 14th and East Main streets, sold Sept. 28 for $6.32 million, according to city property records.

The Blethens have since renamed the complex The Corner Lofts. 

“I’ve lived just 90 minutes from Richmond for the last three decades and only recently realized what a thriving and interesting city Richmond has become,” Nancy Blethen said. “My husband and I are excited to be a part of that and we look forward to adding value for The Corner Lofts residents and the surrounding neighborhood.”

The seller was Main Street Realty, one of the companies operated by the local development group led by Louis Salomonsky and David White.

They rehabbed and redeveloped the properties in 2006 to include 55 apartments and two ground floor commercial units.

White said last week the company sold the property as a means to focus on its other pending developments in Scott’s Addition and Shockoe Bottom. Those include Scott’s View, a proposed mid-rise apartment development on a 2.5-acre site at 1400 Roseneath Road. White said they’re two to three weeks away from breaking ground on that project.

Ralph Reahard, whose firm Real Property Management will be leasing and managing the property, said one of the Corner Lofts’ street level commercial spaces will house a new office for his company by Nov. 1. It will also serve as the primary leasing office for the apartments.

“This is the second property we have picked up to manage in Shockoe Bottom within the last six months,” Reahard said. “We’re going to maintain our existing office in the Fan…but we want to have a presence in this neighborhood.”

Marcus & Millichap brokers Christopher Chadwick, Marty Mooradian and Dawson Rinder represented Main Street Realty in the deal. Corby Hicks, a broker with One South Realty, represented the Blethens.

With 90 percent of the units leased, Reahard said the owners are looking to spruce up the historic building with some new paint and upgrades to a few units.

Corner Lofts’ purchase adds to investment pouring into the Shockoe Bottom area.

Several new restaurants and businesses are planned a few streets over, including Startup Virginia, a startup incubator set to fill 36,000 square feet at 1717 E. Cary St. Restaurateurs Paul Keevil and Linda Lauby also recently doubled down on their investment in the neighborhood, purchasing five buildings mostly fronting the 17th Street Farmers’ Market.

The complex consists of seven conjoined buildings. (Courtesy Marcus & Millichap)

Correction: An earlier version of this story incorrectly stated that Ralph Reahard helped structure the deal for 1321 1/2 E. Main St. His firm will be leasing and managing the property, but did not broker the deal.

A group of out-of-town investors has grabbed a piece of downtown at the edge of Shockoe Bottom.

An entity tied to Chris and Nancy Blethen of Northern Virginia last month purchased the mixed-use complex at 1321½ E. Main St., known until recently as the Wedge at Courtyard Lofts.

The property, which consists of seven inter-connected buildings near the intersection of 14th and East Main streets, sold Sept. 28 for $6.32 million, according to city property records.

The Blethens have since renamed the complex The Corner Lofts. 

“I’ve lived just 90 minutes from Richmond for the last three decades and only recently realized what a thriving and interesting city Richmond has become,” Nancy Blethen said. “My husband and I are excited to be a part of that and we look forward to adding value for The Corner Lofts residents and the surrounding neighborhood.”

The seller was Main Street Realty, one of the companies operated by the local development group led by Louis Salomonsky and David White.

They rehabbed and redeveloped the properties in 2006 to include 55 apartments and two ground floor commercial units.

White said last week the company sold the property as a means to focus on its other pending developments in Scott’s Addition and Shockoe Bottom. Those include Scott’s View, a proposed mid-rise apartment development on a 2.5-acre site at 1400 Roseneath Road. White said they’re two to three weeks away from breaking ground on that project.

Ralph Reahard, whose firm Real Property Management will be leasing and managing the property, said one of the Corner Lofts’ street level commercial spaces will house a new office for his company by Nov. 1. It will also serve as the primary leasing office for the apartments.

“This is the second property we have picked up to manage in Shockoe Bottom within the last six months,” Reahard said. “We’re going to maintain our existing office in the Fan…but we want to have a presence in this neighborhood.”

Marcus & Millichap brokers Christopher Chadwick, Marty Mooradian and Dawson Rinder represented Main Street Realty in the deal. Corby Hicks, a broker with One South Realty, represented the Blethens.

With 90 percent of the units leased, Reahard said the owners are looking to spruce up the historic building with some new paint and upgrades to a few units.

Corner Lofts’ purchase adds to investment pouring into the Shockoe Bottom area.

Several new restaurants and businesses are planned a few streets over, including Startup Virginia, a startup incubator set to fill 36,000 square feet at 1717 E. Cary St. Restaurateurs Paul Keevil and Linda Lauby also recently doubled down on their investment in the neighborhood, purchasing five buildings mostly fronting the 17th Street Farmers’ Market.

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Corby Hicks
Corby Hicks
4 years ago

The Blethens live just 90 minutes outside of Richmond and have been Virginia residents for almost 30 years.  They are very excited about The Corner Lofts and the opportunity to participate in the surrounding community in downtown Richmond.

trackback
Two million-dollar deals add fuel to the Bottom's upswing - Richmond BizSense
4 years ago

[…] second property the development company has sold in the neighborhood in recent weeks, following the $6.3 million sale of a mixed-use complex at 1321 ½ E. Main St., known until recently as the Wedge at Courtyard […]

trackback
More Shockoe-area property changes hands - Richmond BizSense
4 years ago

[…] in recent weeks.  It represented Louis Salomonsky and David White’s Main Street Realty in the $6.3 million sale of The Corner Lofts at 1321 ½ E. Main St. late last month. A Northern Virginia investor was the […]