The owners of a downtown convenience store are looking to add some new flavor to a building on West Broad Street.
A business entity tied to the owners of the Davis Market at 301 W. Grace St. has purchased the one-story building at 4 W. Broad St. The deal closed Dec. 4 for $270,000, according to city property records, which list the building’s latest assessment at $320,000.
Yahia Mahasees, who oversees the entity, Brothers Enterprises VA LLC, said the group is planning to open a hookah lounge in the building. An opening date has not been set and a contractor for the project hasn’t been chosen.
“The college is within walking distance of the building,” Mahasees said, referring to VCU. “We are still working out the plans. We don’t have a name for the hookah lounge yet.”
Olatokundo Oni and Leon Baptiste, brokers with Richmond-based Cr8tive Realty Commercial, completed the transaction after placing the building on the market nearly four months ago.
“We had it under contract by a month and a half,” Oni said.
With nearly 3,700 square feet of commercial space and a 990-square-foot basement, the structure has served many purposes since it was built in the 1930s. Over the past 15 years, it was the location of several night clubs and lounges, including Rumors Bar Grill.
Baptiste said several parties expressed interest in the building, including art galleries, architecture firms and restaurants.
“It was heavy up until the deed of transfer,” Baptiste said. “We received lots of calls.”
The purchase adds to growing investment up and down the Broad Street corridor.
Developer Eric Phipps in September closed on a $15 million deal for three buildings on the same block at 5-7, 13-21 and 27-29 W. Broad St. They include the 102-unit West Broad Street Apartments and five street-level storefronts totaling more than 10,000 square feet.
The storefronts house home furnishings shop 68 Home, retailer Circle Thrift, West Broad Street Apartments’ leasing office, the Bistro 27 restaurant and a vacant 5,300-square-foot space at 13-17 W. Broad St.
Other recent deals include the now shuttered Beads & Rocks building at 420 W. Broad St., the former Bachrach’s Jewelers building, the Sunny Men’s Wear building and, farther west, the Nick’s International Foods building.